FxWirePro: NZD/JPY Interim Rallies Seem Deceptive, Major Downtrend Still Intact In Falling Wedge – Trading & Hedging Setup
FxWirePro: Sell GBPJPY on rallies
Ichimoku Analysis (1-hour chart)
GBPJPY has halted its 1- week of bullishness and lost more than 150 pips on strong yen. The number of new cases surged past 60000 in the past 24 hr in the U.S has increased demand for Safe-haven assets like yen. USDJPY broken significant trend line support at 106.90, a dip till 105.98 likely.
The hourly chart shows that the pair is trading below 100 and 50 (134.88 and 135.18). The near term support is around 134.30 (200-H MA), any violation below will take the pair to next level till 133/131.75.
On the higher side, strong resistance is at 136.35, and the indicative break above that level targets 137/137.63/139.23 (161.8% fib).
It is good to buy on dips around 135.45-50 with SL around 135 for the TP of 136.35.