Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 139.87
Kijun-Sen- 139.89
GBPJPY is consolidating in a narrow range between 139.48 and 140.16 for the past two days. The pound sterling pared most of its gains made after the UK and EU signed a Brexit deal. Markets eyes UK parliament vote on Brexit deal for further direction. The surge in a number of new coronavirus cases is putting pressure on Cable at higher levels. The intraday trend of GBPJPY is bullish as long as support 139.40 holds.
Technical:
The pair's significant resistance at 140.20, any indicative break above targets 140.70/141.21. Minor bullishness can happen only if it breaks 141.25. Any violation above targets 141.43/142/142.70. On the lower side, near term support is around 139.40, and any violation below targets 139/138.25/137.95/137.19/136.75.
It is good to buy on dips around 140 with SL around 139 for the TP of 142.70.
