Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 150.61
Kijun-Sen- 151
GBPJPY is trading weak for the past three trading days and lost more than 150 pips on the weak Pound sterling. The pound sterling declined sharply after hitting a high of 1.4000 levels against USD on broad-based US dollar buying. USDJPY is consolidating between 108.60 and 109.36 for the past week. The intraday trend of GBPJPY is bearish as long as resistance152.55 holds.
Technical:
The pair's near-term resistance around 151.25, any break above targets 151.52/152/152.55. On the lower side, near-term support is around 149.95. An indicative violation below will drag the pair down to 149.35/149/148.54.
Ichimoku Analysis- The pair is trading below Tenken-Sen, Kijun-Sen, and Ichimoku cloud. This confirms intraday bearishness.
Indicator (Hourly chart)
CAM indicator –Neutral
Directional movement index –Bearish
It is good to sell on rallies around 151.45-50 with SL around 152.55 for the TP of 148.55.
