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FxWirePro: GBPJPY trades flat, weakness below 133.90
Ichimoku Analysis (4-hour chart)
GBPJPY has recovered more than 100 pips on the strong Pound sterling. GBPUSD jumped sharply from 1-week against USD as a slight decline in demand for Safe-haven assets. Markets eye UK CPI data to be released today for further direction. Any violation above 1.2600 targets 1.2670.
The 4-hour chart shows that the pair is trading above 100 and 200 MA (133.94 and 134.62). The near term support is around 133.90, and the indicative break below that level will drag the pair to the next level 133/131.75.
On the higher side, strong resistance is at 135.50 and any indicative break above will take the pair till 136.35/137/138.
It is good to sell below 133.90 around 135 with SL around 135 for the TP of 131.80.