Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 153.88
Kijun-Sen- 153.79
GBPJPY is trading flat with no follow-through buying. GBPJPY was one of the best performers in the past three weeks and surged more than 3.5% on broad-based Pound sterling buying. The pound sterling jumped more than 80 pips after forming a minor bottom around 1.40160. GBPUSD should break below 1.4000 for further weakness. USDJPY eased some of its gains on Friday and holding above 109 level. It should break above 109.80 for further bullishness. The intraday trend of GBPJPY is bullish as long support 153 holds.
Technical:
The pair's near-term resistance around 154.50, any break above will take the pair to next level till 155/156. On the lower side, near-term support is around 153.50. 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 cloud.
Indicator (1-Hour chart)
CAM indicator –Neutral
Directional movement index –Bullish
It is good to buy on dips around 153 with SL around 152 for a TP of 155.
