Ichimoku Analysis (hourly chart)
Tenken-Sen- 135.99
Kijun-Sen- 136.23
GBPJPY is trading slightly lower on the declining Pound sterling. GBPUSD lost more than 50 pips on profit booking. The pair gained a lot on broad-based US dollar selling after Biden was announced as US President. The Brexit optimism and chance of BOE to provide stimulus to support the economy are supporting Pound sterling at lower levels. The intraday trend is slightly bullish as long as support 135.50 holds.
Technical:
In the 60 min chart, GBPJPY is trading slightly above 200 MA and any convincing break above 136.60 will take the pair till 137/137.38. On the lower side, near term intraday support is around 135.50, and any indicative break below that level targets 135.37/135.20/134.80/134.
It is good to buy on dips around 135.55-60 with SL around 135 for the TP of 137.
