FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 155.45

 Kijun-Sen- 155.45

GBPJPY has lost more than 50 pips after hitting a high of 155.81. The minor weakness in the pound sterling is dragging the pair at higher levels. GBPUSD has lost more than 100 pips on upbeat US economic data. Any daily close below 1.4100 will drag the pair further down. The delay in lockdown restrictions due to the spread of the Indian corona variant is putting pressure on this pair. USDJPY recovered sharply and holding well above 110 level. A jump till 111 is possible. The intraday trend of GBPJPY is bullish as long support 155 holds.

 Technical:

 The pair's near-term resistance around 156.10, any break above confirms that decline from 195.25 got completed at 124.02. A jump till 157.50/158 is possible. On the lower side, near-term support is around 155.30. Any indicative violation below that level will drag the pair down to 154.75/154.35/153.75/153. Significant trend reversal only if it breaks below 153.

Ichimoku Analysis- The pair is trading below hourly Kijun-Sen and Tenken-Sen.

Indicator (1-Hour chart)

CAM indicator – Neutral

Directional movement index –Neutral

It is good to sell on rallies around 155.35-40 with SL around 156 for a TP of 153.