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Ichimoku Analysis (Hourly chart)
Tenken-Sen- 142.67
Kijun-Sen- 142.93
GBPJPY has once declined sharply after a hitting high of 143.52 (almost a double top) yesterday. The pound sterling dropped sharply after the weaker than UK GDP. The economy shrank by 0.3 in Nov well below 0.1%, according to Office for National Statistics (ONS). GBPUSD lost more than 40 pips on after releases of data.
On the higher side, near term resistance is around 143 and any indicative break over targets 143.55. Major bullish continuation only above 143.55.
The significant support is around 142, a violation under will take the pair down till 140.80/140.
It is good to sell on rallies around 143.10-20 with SL around 143.60 for the TP of 141.2
