FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 151.269

Kijun-Sen- 151.51       

GBPJPY has recovered sharply after a minor dip below 200-H MA. The pair has halted its three days of losing streak on a minor jump in Pound sterling 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.