Trade Idea GBPJPY (Intraday)
Ichimoku analysis (Hourly chart)
GBPJPY has shown a minor pullback after robust UK retail sales data. The retail sales expanded for the fifth consecutive month and it came at 1.5% month-on-month. Economists have predicted the September growth of just 0.4%. GBPUSD is holding above 1.300, any break above 1.3120 will take the pair to 1.31767. The intraday trend of GBPJPY is slightly bullish as long as support 136.20 holds.
In the Hourly chart, GBPJPY is facing strong support at 200-MA. Any convincing break below 136.70 will drag the pair till 136.20/136. On the higher side, near term intraday resistance is around 137.60 and any indicative break above that level will take till 138/139.
It is good to buy on dips around 136.65-70 with SL around 136.20 for the TP of 137.60/138.