FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1 Hour Chart)

Tenken-Sen- 152.57

Kijun-Sen- 152.43      

GBPJPY has halted its six days of the bullish trend and shown a minor profit booking. USDJPY is trading higher for the fifth consecutive days and surged more than 250 pips on strong US bond yields.  The US 10-year bond yield is consolidating after hitting a high of 1.77%. The Japanese Tankan survey came at 5in Q1, the highest level since Q3. 2019. GBPUSD is trading lower and struggling to close above 1.3800. Market eye UK Final manufacturing PMI for further direction. The intraday trend of GBPJPY is bullish as long as support 151.78 holds.

 Technical:

 The pair's near-term resistance around 152.80, any break above targets 153.20/154. On the lower side, near-term support is around 151.78 (23.6% fib 148.54 and 152.79). An indicative violation below will drag the pair down to 151.20/150.85/ 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, Kijun-Sen above Ichimoku cloud. This confirms the intraday trend of slightly bullish.              

Indicator (4 Hour chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 151.80 with SL around 151.20 for the TP of 153.20.