GBPJPY: Buy on dips
Ichimoku Analysis (Hourly chart)
GBPJPY is trading higher for the 2nd consecutive day and jumped more than 100 pips. It hits a high of 135 and is currently trading around 134.89. The jump was mainly due to slight strength in Pound sterling and major resistance is around 1.2580. Any break above confirms further bullishness.USDJPY is trading weak and lost more than 80 pips yesterday. Any trend reversal only above the 109 level.
The pair is facing resistance at multiple levels around 135 and 135.30 (trend line and 300- H EMA). Any minor bullish continuation can be seen only above the 135.30 level. Break above targets 136.05/136.26.
On the flip side, near term support is around 134.60 and any violation below will take the pair to next level till 133.85/133/132.60.
It is good to buy on dips around 134.55-60 with SL around 133.85 for the TP of 136.