Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 154.28
Kijun-Sen- 154.15
GBPJPY is trading higher and holding well above yesterday's high 154.43. The pound sterling surged after better than expected UK jobs data. The Claimant count change came at -15.1K compared to a forecast of 25.6K and unemployment declined to 4.8% vs 4.9%. GBPUSD jumped more than 30 pips after the data. Any breach above 1.4240 confirms a bullish continuation. USDJPY trade below 109 on weak Japan GDP data. It should break below 108.88 for further bearishness. The intraday trend of GBPJPY is bullish as long support 154 holds.
Technical:
The pair's near-term resistance around 155, any break above will take the pair to next level till 156/156.60. On the lower side, near-term support is around 154. Any indicative violation below that level will drag the pair down to 153.45/ 153. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading above 4-hour Kijun-Sen and cloud.
Indicator (4-Hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 154.25-30 with SL around 153.45 for a TP of 156.
