Ichimoku Analysis (Weekly chart)
Tenken-Sen- 138.34
Kijun-Sen- 133.35
GBPJPY is trading weak for the entire week and lost more than 500 pips on the weak Pound sterling. GBP declined more than 250 pips in the past two days on Brexit uncertainty. The UK GDP came at 6.6% July slightly lower than expected. The intraday trend of the Pound/Yen is bearish as long as resistance 138 holds.
On the 4-hour chart, the pair has broken holding well below 200 MA. Any break below 137.60 will drag the pair down till 137/136.75/135.99. It is facing strong resistance at 138.35, any violation above that level targets 139.05/140.70/141.45/142.71.
It is good to sell on rallies around 138.25-30 with SL around 139.05 for the TP of 136.75.
