FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 149.65

Kijun-Sen- 150.64      

GBPJPY is trading weak and lost more than 250 pips yesterday due to the weak Pound sterling. GBPUSD declined below 1.3700 levels after weak UK CPI data. The 12-month rate came at 0.4% YoY in Feb much below the estimate of 0.8%. The broad-based US dollar buying is also putting pressure on GBPUSD. The intraday trend of GBPJPY is bearish as long as resistance 150.20 holds.

 Technical:

 The pair's near-term resistance around 149.20, any break above targets 149.80/150.31. On the lower side, near-term support is around 148.50. An indicative violation below will drag the pair down to 147.92/147.40. Significant trend reversal only if it breaks below 147.40.

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 150.65-70 with SL around 151.20 for the TP of 147.95.