Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 151.55
Kijun-Sen- 151.65
GBPJPY is trading lower after forming a temporary top around 152.235. the pair has halted its 3- weeks of the bullish trend. The minor weakness in the pound sterling against the USD is putting pressure on this pair at higher levels. USDJPY continues to hold above 200-W MA, any violation above 109.35 confirms a bullish continuation. The intraday trend of GBPJPY is bearish as long as resistance152.25 holds.
Technical:
The pair's near-term resistance around 152.50, any break above targets 153.50/154/154.40. On the lower side, near-term support is around 151.20. An indicative violation below will drag the pair down to 150.50/150. Significant trend reversal only below 149.35.
Ichimoku Analysis- The pair is trading below Tenken-Sen, Kijun-Sen, and Ichimoku cloud. This confirms intraday bearishness.
Indicator (Hourly chart)
CAM indicator –Bearish
Directional movement index –Bearish
It is good to sell on rallies around 151.75-80 with SL around 152.50 for the TP of 150.
