Short term trend: Bearish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 186.38
Kijun-Sen level: 185.72
Ichimoku cloud top: 187.18
Ichimoku cloud bottom: 186.36
GBP/JPY has slightly recovered after making a low of 184.95 and short term trend is bullish as long as support 185 holds. It has formed a double bottom around 185 and expected to show pullback till 186.15 (100 day 4HMA) cannot be ruled out.
The pair’s major support is around 185 and any break below the support will target 184/182.95 in short term.
The break of 186.15 would extend pair to 187.30/187.78 (Dec 10th high).
Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell
Recommendation: Sell GBP/JPY around 185.90-186, SL 186.71, Target 184.95/184.02.
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 186.38
Kijun-Sen level: 185.72
Ichimoku cloud top: 187.18
Ichimoku cloud bottom: 186.36
GBP/JPY has slightly recovered after making a low of 184.95 and short term trend is bullish as long as support 185 holds. It has formed a double bottom around 185 and expected to show pullback till 186.15 (100 day 4HMA) cannot be ruled out.
The pair’s major support is around 185 and any break below the support will target 184/182.95 in short term.
The break of 186.15 would extend pair to 187.30/187.78 (Dec 10th high).
Indicators
Ichimoku (9, 26, 52, 26) - Sell
MACD (12.26.9) – Sell
Recommendation: Sell GBP/JPY around 185.90-186, SL 186.71, Target 184.95/184.02.