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FxWirePro: Buy GBPJPY on dips

Ichimoku analysis (Hourly chart)

Tenken-Sen- 128.42

 

Kijun-Sen - 128.30

 

GBPJPY is consolidating in a narrow range for the past 5 trading days. The pair is struggling to break above 129.25 and any violation above confirms minor trend reversal.

 

USDJPY is still in bearish mode and any violation above 107.20 confirms minor bullishness. Any violation below 104.60 confirms the bearish continuation.

 

Technically, GBPJPY's first resistance is around 129.35 and any violation above will take the pair till 130.06-130.23. The major decline will come to an end at 126.54 if pair trades above 130.23 level. The minor resistance is around 128.85

 

On the flip side, near term support is around 128.10 and any break below 127.0/127/126.50/126.

 

It is good to buy on dips around 128.65-70 with SL around 128 for the TP of 130.50.

By Rangarajan Hariharan
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