Major Support- 126
Ichimoku Analysis (4-hour chart)
Tenken-Sen – 127.75
Kijun-Sen – 128.30
GBPJPY continues to trade lower and lost more than 300 pips. It hits a low of 126.54 and is currently trading around 126.88. The Pound sterling declines further after the release of weaker than expected UK economic data.
USDJPY is trading lower on increase in Safe-haven demand asset and any break below 105.25 will drag the pair till 104.60.
On the flip side, the near term support is around 126.50 and any violation below will drag the pair till 125 is possible.129.35/130.
It is good to sell on rallies around 127.55-60 with SL around 128.30 for the TP of 126/125.
