FxWirePro: GBPJPY upside capped by 200-day MA, break above targets 140
Ichimoku Analysis (Daily chart)
GBPJPY surged past 136.60 high made on Jul 22nd after a long consolidation between 136.62 and 134.99 for the past one week. The pair is upside is capped due to strong yen. USDJPY hits the lowest level since Mar 13th, 2020. Any violation below 104 will drag the pair down till 103. The demand for safe-haven assets increasing due to the escalation of trade tension between the US and China.
The daily chart shows that pair is trading well above 100- MA (133.50) and any break above 137.50 (200 MA) confirms trend continuation. A jump till 138.50/140.
On the lower side, near-term support is around 136.60 (resistance turned into support), and any violation below targets 135.80/135/134.
It is good to buy above 136.60 with SL around 136 for the TP of 137.60/138.25.