FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 151.56

Kijun-Sen- 152.27                   

GBPJPY is trading extremely weak and lost more than 150 pips on strong yen. The slight profit booking in US bond yield is supporting yen at lower levels. USDJPY continues to trade lower and holding well below 110 levels. The minor selling in Pound sterling against USD is also putting pressure on this pair. The intraday trend of GBPJPY is bearish as long as resistance 152.20 holds.

 Technical:

 The pair's near-term resistance around 152.20, any break above targets 152.85/153.20/153.50. On the lower side, near-term support is around 151.20. Any indicative violation below that level will drag the pair down to 15053/150. Significant trend reversal only if it breaks below 148.50.

Ichimoku Analysis- The pair is trading well below 1-hour Kijun-Sen, Kijun-Sen, and cloud. Any break below 152.25 confirms intraday bullishness.      

Indicator (1Hour chart)

CAM indicator –Bearish

Directional movement index –Bearish

It is good to sell on rallies around 151.75-80 with SL around 152.30 for TP of 150.50/150.