FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (one Hour Chart)

 Tenken-Sen- 149.69

Kijun-Sen- 149.50      

GBPJPY is holding above 150 level on slight weakness in Japanese Yen. USDJPY has halted its 6-day losing streak due to minor pullback in US bond yield. It is holding still below 200-H MA, any close above 108.40 confirms intraday bullishness. 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 150.50 (50% fib) any break above targets 151/151.60/152/152.55. On the lower side, near-term support is around 150. Any indicative violation below that level will drag the pair down to 149.30/148.40. 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 150.50 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.