FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Daily Chart)

Tenken-Sen- 151.14

Kijun-Sen- 150.68                   

GBPJPY continues to trade weak after a minor pullback till 151.98 on broad-based Yen buying. The minor sell-off in US bond yield is supporting the Japanese yen.  USDJPY is trading below 108 and hits a multi-week low. Any violation below 107.90 confirms a bearish continuation. GBPUSD is holding 1.3900 amid Brexit concerns and an increase in coronavirus cases. The intraday trend of GBPJPY is bearish as long as support 151 holds.

 Technical:

 The pair's near-term resistance around 151.20 any break above targets 151.60/152/152.55. On the lower side, near-term support is around 150. Any indicative violation below that level will drag the pair down to 149.30/149/148.40. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading slightly below 4H Kijun-Sen and below Tenken-Sen, cloud. Any break below 150 confirms intraday bearishness.                 

Indicator (4-Hour chart)

CAM indicator –Bearish

Directional movement index –Bearish

It is good to sell on rallies around 150.45-50 with SL around 151 for a TP of 148.50.