FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (1-hour Chart)
GBPJPY is consolidating after forming a bottom around 149.50 levels. The yen declined from a monthly low on a slight recovery in US bond yield. USDJPY jumped slightly from a low of 108.61. The minor bullishness only above 109. GBP is struggling to hold above 1.3800 levels on Covid vaccine concerns. The intraday trend of GBPJPY is bearish as long as resistance 150.70 holds.
The pair's near-term resistance around 150.70, any break above targets 151.20/151.50/152. On the lower side, near-term support is around 149.50. Any indicative violation below that level will drag the pair down to 149/148.40. Significant trend reversal only if it breaks below 148.50.
Ichimoku Analysis- The pair is trading slightly below hourly Kijun-Sen and below the cloud, Tenken-Sen. Any break above 150.65 confirms intraday bullishness.
Indicator (1-Hour chart)
CAM indicator –Bullish
Directional movement index –Bearish
It is good to sell on rallies around 150.65-70 with SL around 151.20 for a TP of 149.