Ichimoku Analysis (4-hour chart) Tenken-Sen- 0.91113 Kijun-Sen- 0.91420 USDCHF recovered more than 100 pips from a low of 0.9050. The break of minor support turned into resistance 0.9160 shows that decline form 0.9900 got completed at 0.9050 an
FxWirePro: USD/JPY erases early gains, retraces below 106 handle as Fitch revises US outlook to negative from stable
FxWirePro: GBPJPY Mid-day Outlook
Ichimoku Analysis (4-hour chart)
GBPJPY has recovered more than 100 pips on a slight weakness in Yen. The risk –on-sentiments due to optimism over Coronavirus treatment. Gilead Sciences said that remdesivir reduced the risk of death in COVID-19 patients. Markets use BOE Governor Bailey and Home Secretary Priti Patel for further direction.
The 4-hour chart shows that the pair is trading above 100 and 200 (134.48 and 133.68). The near term resistance is around 136.35, and the indicative break above that level targets 137/137.63/139.23 (161.8% fib).
On the higher side, strong support is at 134.06 (200-4H EMA) and any violation below targets 133.68/133/131.75
It is good to sell on rallies around 135.60-65 with SL around 136.35 for the TP of 133.