FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-hour Chart)

Tenken-Sen- 150.48

Kijun-Sen- 151.65                   

GBPJPY is trading weak and lost more than 350 pips on the strong yen. The minor sell-off in US bond yield after dovish FOMC meeting minutes. The US 10-year yield lost more than 9% from the temporary top 1.774%.GBPUSD continues to trade weak for fourth consecutive days and any violation below 100- day MA at 1.3670 confirms further bearishness. The UK Markit construction PMI came in at 61.70 for Mar compared to an estimate of 55. USDJPY is still in bearish mode and holding below 110 on a slight increase in demand for safe-haven assets. The intraday trend of GBPJPY is bearish as long as resistance 150.70 holds.

 Technical:

 The pair's near-term resistance around 150.35, any break above targets 150.75/151.20/152/. On the lower side, near-term support is around 149.80. Any indicative violation below that level will drag the pair down to 150/149. Significant trend reversal only if it breaks below 148.50.

Ichimoku Analysis- The pair is trading well below 4-hour Kijun-Sen, Kijun-Sen, and cloud. Any break below 152.25 confirms intraday bullishness.      

Indicator (4-Hour chart)

CAM indicator –Bearish

Directional movement index –Bearish

It is good to sell on rallies around 151.45-50 with SL around 152 for TP of 150.