FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 154.10

 Kijun-Sen- 154.17

GBPJPY has halted its three-week winning streak and lost more than 130 pips on pound sterling weakness. GBPUSD declined sharply post FOMC meeting and hits a low of 1.4100 level. UK CPI doubled to 1.5% Apr from 0.7% previous month, slightly above economists forecast of 1.4%. Any breach below 1.40955 confirms a bearish 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 153.50. Any indicative violation below that level will drag the pair down to 153/152. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading below 1-hour Kijun-Sen and cloud.

Indicator (1-Hour chart)

CAM indicator – Slightly Bullish 

Directional movement index –Bearish

It is good to sell on rallies around 154.30-35 with SL around 155 for a TP of 152.