FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 154.01

 Kijun-Sen- 154.275

GBPJPY has once again declined after a minor jump above the 154.50 level. The minor sell-off in pound sterling is putting on this pair at higher levels. The pair declined below 1.4150 levels despite upbeat UK retail sales. It came at 9.2% m/m in Apr much better than the forecast of 4.5%. The yearly sales volume surged 42.5% higher than earlier.  Any breach below 1.4100 confirms a bearish continuation. USDJPY is trading below 200- day MA and any break below 108.50 will drag the pair to 108. The intraday trend of GBPJPY is bearish as long as resistance 155 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, Tenken-Sen and cloud.

Indicator (1-Hour chart)

CAM indicator – Bearish

Directional movement index –Bearish

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