FxWirePro: Sell GBPJPY on rallies
Ichimoku Analysis (Daily Chart)
GBPJPY failed to break above 132.50 and started to decline from that level. The pair struggled to close above Kijun-Sen for 2nd consecutive days confirm weakness. It hits a low of 130.67 and is currently trading around 130.90.
In the daily chart it should close above 132.37 (Kijun-Sen) for further jump till 133.19 (May 11th high). The surge past 133.20 will take the pair till cloud top 134.47.
On the flip side, near-term support stands at 130.60 and any violation below will drag the pair down till 130/129.25.
It is good to sell on rallies around 131.45-50 with SL around 132.50 for the TP of 130/129.25.