FxWirePro: GBPJPY trades flat, weakness only below 131.75

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 132.35

Kijun-Sen- 132.31

GBPJPY is trading in narrow range between 134 and 131.95 for past 1- week. The weak Pound sterling is putting pressure on this pair on higher levels. GBPUSD trades weak after UK GPD data and hits low of 1.2250.The Britain’s economy dropped by 2.2%, biggest decline since 1979. The short term trend is slightly on the lower side as long as resistance 134 holds. It is currently trading around 132.36. 

The pair is facing strong resistance at 132.88 (200-H MA). Any break above will drag to the next level till 134/135/135.75/136.35. Significant buying can be seen only if it breaks 136.25. On the lower side, primary support is at 131.75, and the violation below will take the pair to 130.60/129.30.

It is good to sell below 131.75 with SL around 132.65 for the TP of 129.50.