FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1 Hour Chart)

Tenken-Sen- 151.25

Kijun-Sen- 151.19      

GBPJPY recovered more than 100 pips from a low of 150.58 on weak yen. The yen is trading weak against all majors on a surge in US bond yield. The US10-year bond yield jumped more than 7% from a low of 1.646%. USDJPY hits an 8-month high, any jump above 110 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 150.50 holds.

 Technical:

 The pair's near-term resistance around 151.80, any break above targets 152.55/153.20/154. On the lower side, near-term support is around 151.20. An indicative violation below will drag the pair down to 150.50/150/149.21/148.50. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading above hourly Tenken-Sen, below Ichimoku cloud, and slightly above Kijun-Sen. This confirms the intraday trend of slightly bullish.    

Indicator (1 Hour chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 151.20 with SL around 150.58 for the TP of 153.20.