Ichimoku (4-hour analysis)
Tenken-Sen- 129.08
Kijun-Sen – 130.55
GBPJPY has formed a double bottom around 128 and shown more than 150 pips jump after 2 weeks of massive sell-off of more than 400 pips. The pair hits high of 130.05 and is currently trading around 129.76.
Technical of GBPUSD:
The cable has halted its 5 months of the bearish trend and shown recovery of more than 100 pips. Major trend reversal only above 1.2250.
USDJPY is trading higher and jumped more than 150 pips and any minor trend reversal only above 107.20. It is currently trading around 106.73.
On the higher side, near term resistance is around 130.60 and any violation above will take the pair till 131.36/132. Any minor trend reversal only above 133. The decline from 148.72 will get over at 131.61 only if it breaks above 135.67 levels.
The near term major support is around 128 and any violation below will drag the pair to the next level till 126/125.
It is good to buy on dips around 128.75-80 with SL around 128 for the TP of 130.55/131.35
