Short term trend: Bullish
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 182.21
Kijun-Sen level: 182.86
Ichimoku cloud top: 182.59
Ichimoku cloud bottom: 179.11
GBP/JPY made a temporary high of 184.64 and is retreating from that level. Overall trend is bullish as long as support 181.05 holds.
On the downside break below 181.05 will target 180.45/178.07 in the short term.
The pair is facing major resistance around 184.65 and any break above would extend gain to 186/186.60.
Recommendation: Buy GBP/JPY around 182.05, SL 181.05, Target 186.60
Ichimoku analysis (4 Hour chart):
Tenkan-Sen level: 182.21
Kijun-Sen level: 182.86
Ichimoku cloud top: 182.59
Ichimoku cloud bottom: 179.11
GBP/JPY made a temporary high of 184.64 and is retreating from that level. Overall trend is bullish as long as support 181.05 holds.
On the downside break below 181.05 will target 180.45/178.07 in the short term.
The pair is facing major resistance around 184.65 and any break above would extend gain to 186/186.60.
Recommendation: Buy GBP/JPY around 182.05, SL 181.05, Target 186.60