FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 154.06

 Kijun-Sen- 154.22

GBPJPY is trading flat after hitting a high of 154.83. The minor weakness in the Pound sterling is putting pressure on the pair at higher levels. GBPUSD is holding well below 1.4100 levels, any violation below 1.40820 (100-4H MA) confirms bearish continuation. The minor pullback in the US dollar and rising coronavirus cases in the UK is dragging the pair further down. USDJPY has once again traded below 109, a dip below 108.50 will take the pair to 108.20. The intraday trend of GBPJPY is bearish as long resistance 155 holds.

 Technical:

 The pair's near-term resistance around 154.50, any break above will take the pair to next level till 154.85/155/156. On the lower side, near-term support is around 153.75. Any indicative violation below that level will drag the pair down to 153.35/153/152.60. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading below 4-hour Kijun-Sen and cloud.

Indicator (4-Hour chart)

CAM indicator – Neutral

Directional movement index –Neutral

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