Ichimoku analysis (hourly chart)
Kijun-Sen - 127.18
GBPJPY has shown a minor recovery of nearly 100 pips from low of 126.54. The overall trend is still bearish as long as 128.90 (200-H MA) holds. GBPUSD lost more than 200 pips this month from high of 1.224955.
USDJPY trades lower and has broken major resistance at 105.25. The break below 104.60 confirms further weakness.
On the flip side, major support is around 126.50 and any violation below will drag the pair till 126/125.
The near term resistance is around 127.53 (55- H EMA) and any break above will take the pair till 128.05/128.85.
It is good to sell on rallies around 127.55-60 with SL around 128.05 for the TP of 126/125.