FxWirePro: GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 149.21

Kijun-Sen- 148.92                        

GBPJPY hits the highest level since Oct 2018 on the strong Pound sterling. The easing lockdown restrictions and better than expected UK jobs data. The claimant count has dropped to -20k in Jan compared to a forecast of 34k. The unemployment rate surged to 5.1% in Jan up from 5%. GBPUSD declined more than 80 pips from 34 month top at 1.4240. USDJPY has taken support near 200- 4H MA and jumped more than 50 pips. Significant bullishness only above 106.40. The intraday trend of GBPJPY is bullish as long as 148.20 holds.

Technical:

 The pair is facing significant resistance at 150.10, a jump till 151.20/154.50 possible. On the lower side, near-term support is around 148.30. An indicative break below will drag the pair down to 147.90/147/146.80/146.30. Significant trend reversal only below 144. A violation below will drag the pair to 142.80.

Indicator (Hourly chart)

CAM indicator –Bullish

Directional movement index – Bullish  

It is good to buy on dips around 149 with SL around 148 for the TP of 151.50.