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GBPJPY: Buy on dips | November 1, 2018
Ichimoku analysis (Hourly chart)
Tenken-Sen - 144.60
Kijun-Sen - 144.45
GBPJPY 0.76% trades higher and jumped more than 100 pips yesterday on Brexit deal hopes. GBP was trading higher against all pairs especially USD and jumped more than 150 pips after Times of London reported UK and EU negotiators have reached an agreement. The pair hits high of 145.19 and is currently trading around 145.11.
Intraday bias is bullish and a jump till 145.73 ( trend line resistance) is possible. Any break above 145.20 will take the pair 145.35 (38.2% fib)/145.80.
The near term support is around 144.75 (200 H MA) and any break below 144.20/143.75. The pair should break below 142.75 for further weakness.
It is good to buy on dips around 144.85-90 for the TP of 144.40 for the TP of 145.80.
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