FxWirePro: Sell GBPJPY on rallies

Ichimoku Analysis (hourly Chart)

Tenken-Sen- 142.38

Kijun-Sen- 142.55

GBPJPY continues to trade lower for 3rd consecutive days after a minor jump till 143.05. Markets are trading with thin volumes on Christmas and New Year festive mood. The pair lost more than 500 points on increasing hopes of no-deal Brexit. The Pound Sterling is trading weak against USD and slumped below 1.3000 level from a temporary top around 1.35149.

Technically the pair has broken major support 142 level after a long consolidation, this confirms minor weakness and a dip till 140.80/140./138.

On the higher side, the minor level to be watched is 142.65 and the break above targets 143.20/144.25.

It is good to sell on rallies around 142.55-60 with SL around 143.25 for the TP of 140/138.80.

Resistance

R1- 142.65

R2- 143.25

R3- 144.20

Support

S1- 141.98

S2-140.83

S3- 140