GBP/JPY forms bearish engulfing pattern, good to sell on rallies
Ichimoku Analysis (Daily chart)
Tenken-Sen - 148.35
Kijun-Sen - 146.15
GBPJPY has shown a sell-off of more than 200 pips after hitting high of 149.51. Previously the pair hits high of 149.71 and declined till 147.19. It is almost like double top and any bullishness can be seen only above 150..
Any break above 150 confirms that short term selling got completed at 139.89 and new major bullish trend will continue after breaking 150. Any violation above targets 153.75/156.60.
On the lower side, near term support is around 147.69 (20- day MA) and any drag below 147/146.26 (89- day EMA)/145.
It is good to sell on rallies around 148.45-50 with SL around 149.70 for the TP of 146.26/145.
Tenken-Sen - 148.35
Kijun-Sen - 146.15
GBPJPY has shown a sell-off of more than 200 pips after hitting high of 149.51. Previously the pair hits high of 149.71 and declined till 147.19. It is almost like double top and any bullishness can be seen only above 150..
Any break above 150 confirms that short term selling got completed at 139.89 and new major bullish trend will continue after breaking 150. Any violation above targets 153.75/156.60.
On the lower side, near term support is around 147.69 (20- day MA) and any drag below 147/146.26 (89- day EMA)/145.
It is good to sell on rallies around 148.45-50 with SL around 149.70 for the TP of 146.26/145.