FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4 Hour Chart)

 Tenken-Sen- 150.69

 Kijun-Sen- 150.18      

GBPJPY is holding above 200-4H MA on broad-based Japanese yen selling. The surge in us bond yields is putting pressure on the Japanese yen. The US 10-year yield surged more than 6.5% from a minor bottom 1.53%. USDJPY surged more than 150 pips from a temporary bottom of 107.47. Any violation above 109.15 confirms further bullish continuation. GBPUSD is struggling to close above the 1.3900 level ahead of the European Parliament vote on a post-Brexit deal. The intraday trend of GBPJPY is bullish as long as supports 150.30 holds.

 Technical:

 The pair's near-term resistance around 151.26 (50% fib) any break above targets 151.60/152/152.55. On the lower side, near-term support is around 150.73. Any indicative violation below that level will drag the pair down to 150.30/150/149.30/148.40. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading well above 4 Hour Kijun-Sen and below Tenken-Sen, cloud. Any break above 151.30 confirms intraday bullishness.  

Indicator (4-Hour chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 151 with SL around 150 for a TP of 153.