Ichimoku Analysis (4-Hour chart)
Tenken-Sen- 131.65
Kijun-Sen- 132.86
GBPJPY is trading lower for 2nd consecutive days on Pound sterling weakness. The pair has formed a minor top 135.45 on Apr 30th, 2020, and started to decline. It has broken significant support 131.90 yesterday and hits a low of 130.66 levels. It is currently trading around 131.05.
Markets eye BOE policy meeting today for further direction. The central bank is expected to keep rates unchanged at 0.1%.
The near term support for the day stands at 130.50, violation below will take the pair till 129.80/129.
On the higher side, strong resistance is at 132 (support turned into resistance) and jump above targets 132.60/133.18. Minor trend constinuation happens only if it breaks 133.20.
It is good to sell on rallies around 131.95-132 with SL around 132.60 for the TP of 130.70.
