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FxWirePro: GBPJPY trades above 200-day MA, jump till 140 likely

Ichimoku Analysis (Daily chart)

 

Tenken-Sen- 134.34

 

Kijun-Sen- 133.54

 

GBPJPY continues to trade higher for past 1-week and jumped more than 500 pips on the strong Pound sterling. The pound sterling showed a massive recovery of more than 150 pips against USD on broad-based dollar selling. USDJPY hits 2- month high on easing demand for safe-haven assets and any break above 109.38 confirms further bullishness.

 

The daily chart shows that the pair is trading well above 200-day MA (137.40). The near term resistance is around 138.50, any break above will take the pair to next level till 139.25/140.

 

On the lower side, strong support is at 137.20, and the violation below will take the pair to 136.10/135.75.

 

It is good to buy on dips around 138.20-25 with SL around 137.20 for the TP of 140.

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