Ichimoku Analysis (Hourly chart)
Tenken-Sen- 139.97
Kijun-Sen- 140
GBPJPY is consolidating in a narrow range after hitting a high of 140.44. The pound sterling paired some of its gains after UK PM Boris Johnson's pessimistic view on the Brexit deal. GBPUSD lost more than 100 pips from a high of 1.36228. UK retail sales came at -3.8% MoM slightly better than anticipated -4.2%. The intraday trend of GBPJPY is bullish as long as resistance 139.50 holds.
Technical:
The pair has formed a temporary top around 140.70 and shown a good sell-off till 136.78. Any indicative break above 140.70 confirms trend continuation, a jump till 141.50/142. On the lower side, near term support is around 139.50, and any indicative break below targets 139/138.25/137.19.
It is good to buy on dips around 139.85-90 with SL around 139.50 for the TP of 142.
