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FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (Hourly Chart)
GBPJPY continues to trade lower after a minor jump to 134.31 level. The decline was mainly due to broad-based weakness in the Pound sterling. GBPUSD is trading well below 1.2700 level and markets eye the UK PMI manufacturing index for further direction. USDJPY took support at 104 and shown a minor jump. The overall trend of GBPJPY is weak as long as resistance 134.67 holds.
The pair is holding well below 55- H EMA and this confirms major weakness, a dip till 131.75/130 likely. It is facing strong resistance at 134.67, any violation above that level targets 135/135.94/136.83.
It is good to sell on rallies around 133.90-134 with SL around 134.70 for the TP of 131.75.