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FxWirePro: Sell GBPJPY on rallies
Ichimoku Analysis (4-hour chart)
GBPJPY is trading in a narrow range between 136.58 and 135.41 for the past five days. The jump in the Japanese yen due to demand for Safe-haven assets. USDJPY has closed below 105 level in the daily chart and a dip till 104.20 likely. The intraday trend of the Pound/Yen is bearish as long as resistance 136.60 holds.
On the 4-hour chart, the pair is holding well below 200-MA. Any close below 135.40 will take it down to the next level till 133.98/131.75. It is facing strong resistance at 136.60, any violation above that level targets 137.35/138.
It is good to sell on rallies around 136.35-40 with SL around 137 for the TP of 133.98.