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FxWirePro: Sell GBPJPY on rallies

Ichimoku Analysis (hourly chart)

 

Tenken-Sen- 133.32

 

Kijun-Sen- 133.74

 

GBPJPY formed a double top near 134.75 and started to decline from that level.  The strength in yen due to the outbreak of coronavirus is increasing demand for Safe-haven assets. USDJPY forms a temporary top at 111.68 and shown a sell-off of more than 200 pips.

 

On the flip side, the pair has broken major support 132.75 and confirms intraday weakness. Any convincing break below targets 132/130.65.

 

The near term resistance is around 133.35 and indicative break above targets 133.60/134/134.75.

 

It is good to sell on rallies around 133.25-30 with SL around 134 for the TP of 130.65.

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