FxWirePro: GBPJPY downside capped by 200- day MA, good to buy on dips
Ichimoku Analysis (Daily chart)
GBPJPY recovered sharply more than 100 pips from yesterday's low of 137.84. The pound sterling showed a minor jump after mixed UK jobs data. The number of who applied for unemployment benefits rose by 94400 in July much more than the forecast of 77500. The unemployment came at 3.9% vs prediction of 4.2%. The short term trend is still on the higher side as long as support 137.40 holds.
The daily chart shows that the pair is trading within a small range, any surge past 139.25 confirms trend continuation. A jump till 139.75/141.07 is possible. The near term support is around 137.40, any break below 137.40 (200- MA) will drag the pair down till 137/136.60.
It is good to buy on dips 138 with SL around 137.25 for the TP of 140.