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FxWirePro: Sell GBPJPY on rallies
Ichimoku Analysis (4-hour chart)
GBPJPY has once recovered slightly after forming a bottom near trend line support at 131.63. The pound sterling is trading weak against all majors on Brexit extension refusal and negative interest rates by BOE. The GBP showed a minor jump to 132.45 against JPY and is currently trading around 132.05.
In the 4 hours chart it is trading below 200-4H MA at 132.56, any break below 132 confirms intraday weakness. A decline till 131.40/130.66 is likely. Any indicative break below 130.65 targets 130/129.25.
On the flip side, near-term resistance stands at 132.56 and any violation beyond will take the pair to next level till 133.18.
It is good to sell on rallies around 132.15-20 with SL around 133 for the TP of 130.05/129.25.