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Trade Idea GBPJPY (Intraday)
Ichimoku analysis (Hourly chart)
GBPJPY has shown a minor recovery of more than 50 pips from a low of 136.26 on a minor pullback in Pound sterling. The UK is refused to restart trade talks as it proposes for more concession before it is prepared to restart trade negotiations. The intraday trend of this pair remains bullish as long as support 136.20 holds. GBPUSD hovering near 1.2970, any surge past 1.3000 level confirms bullish continuation for the day.
In the Hourly chart, GBPJPY is struggling to close above 200- MA. Any convincing break above 136.82 will take the pair till 137.33/138. On the flip side, near term intraday support is around 136.40 and any indicative break below that level will take the pair till 136.20/136/135.66.
It is good to buy on dips around 13 with SL around 136.20 for the TP of 138/139.