Ichimoku Analysis (one Hour Chart)
Tenken-Sen- 149.69
Kijun-Sen- 149.50
GBPJPY has taken support near 55- day EMA and shown a minor recovery of more than 50 pips. The broad-based strength in the Japanese yen is due to easing US bond yield and increasing demand for safe-haven assets. USDJPY is trading well below 108 level, a dip till 107.20 is possible. GBPUSD recovered slightly and holding above 1.3900 levels on broad-based US dollar selling. The positive UK retail sales and Markit Apr flash manufacturing are also supporting pound sterling. The intraday trend of GBPJPY is bearish as long as support 150.25 holds.
Technical:
The pair's near-term resistance around 150.25 any break above targets 150.55/151/151.60/152/152.55. On the lower side, near-term support is around 149.30. Any indicative violation below that level will drag the pair down to 149/148.40. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading slightly above Hourly Kijun-Sen and below Tenken-Sen, cloud. Any break above 150.25 confirms intraday bullishness.
Indicator (1-Hour chart)
CAM indicator –Slightly bullish
Directional movement index –Neutral
It is good to buy above 150.25 with SL around 149.60 for a TP of 151.95.
