FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 151.94

Kijun-Sen- 151.80       

GBPJPY has formed almost a double top around 152.25 and lost more than 50 pips on strong yen. The yen is trading strong against all majors after BOJ might widen its rate band target. The central bank is expected to widen its 10-year bond yield from the target level of 0%. Markets eye Bank of England monetary policy meeting for further direction. USDJPY has taken support near 200-H MA and shown a minor recovery. Any violation below 108.60 confirms intraday bearishness. The intraday trend of GBPJPY is bearish as long as resistance152.25 holds.

 Technical:

 The pair's near-term resistance around 152.25, any break above targets 152.90/ 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 above Tenken-Sen, Kijun-Sen, and Ichimoku cloud. This confirms intraday bearishness.     

Indicator (Hourly chart)

CAM indicator –Bearish

Directional movement index –Neutral

It is good to sell on rallies around 152.20-25 with SL around 153 for the TP of 150.