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FxWirePro: GBP/JPY Daily Outlook

Ichimoku analysis (hourly chart)

 

Tenken-Sen- 144.71

 

Kijun-Sen - 144.98

 

GBPJPY has stabilized after a huge sell off. The pair declined more than 350 pips on account of Brexit uncertainty. The opponents of UK PM May are six letters short of no confidence vote. GBP will decline further if Theresa May loses no confidence vote.GBPJPY hits low of 144.24 and is currently trading around 144.98.

 

On the lower side, near term major support is around 144.24 low made yesterday and any convincing break below targets 143.85/143. Any break below 142.77 low made on Oct 26th 2018 confirms further bearishness.

 

The near term minor resistance is around 145.48 (23.6% fib) and any violation above targets 146.08 (Kijun-Sen)/146.17 (55- H EMA). The pair downside trend will be completed only if break above 149.70.

 

It is good to sell on rallies around 145.45-145.50 with SL around 146.10 for the TP of 143.

 

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