FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 152.89

 Kijun-Sen- 152.63      

GBPJPY surged more than 150 pips yesterday on the strong Pound sterling. GBPUSD is holding well above 1.4000 on UK local election results and easing of lockdown due to zero deaths in the UK.  The pair hits a high of 1.41584 and shown a minor profit booking. Markets eye Bank of England Bailey speech for further direction. USDJPY is trading above 200-W MA and any violation above 109.07 confirms intraday bullishness. The intraday trend of GBPJPY is bullish as long support 153.40 holds.

 Technical:

 The pair's near-term resistance around 154, any break above will take the pair to next level till 154.40/155/156. On the lower side, near-term support is around 153.40. Any indicative violation below that level will drag the pair down to 152.80/152.30/152. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading above 4-hour Kijun-Sen and below Tenken-Sen, cloud.

Indicator (4-Hour chart)

CAM indicator –bullish

Directional movement index –Bullish

It is good to buy on dips around 153.25-30 with SL around 152.80 for a TP of 155.