Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 154.576
Kijun-Sen- 154.608
GBPJPY is trading in a narrow range between 154.83 and 154.39 for the past two days despite strong Pound sterling. GBPUSD surged sharply and jumped above 1.4200 on upbeat UK jobs data and broad-based US dollar selling. Markets eye UK CPUI data which is to be released today for further direction. Any breach above 1.4240 confirms a bullish continuation. USDJPY is struggling to close above 109 levels. A dip below 108 confirms 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 153.60/153. 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 –Neutral
Directional movement index –Neutral
It is good to buy on dips around 154.25-30 with SL around 153.45 for a TP of 156.
