FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 154.917

 Kijun-Sen- 154.817

GBPJPY has recovered after a minor pullback from the low of 154.54. The short-term trend is still bearish as long as resistance 156.10 holds. The pound sterling is trading weak on delay in reopening due to the Indian corona variant. GBPUSD is struggling to close above 1.4200l. Any daily close below 1.4080 will drag the pair further down. The intraday trend of GBPJPY is bearish as long resistance 156.10 holds.

 Technical:

 The pair's near-term resistance around 155.30, any break above confirms intraday bullishness. A jump till 155.82/156.10/156.60 is possible. On the lower side, near-term support is around 154.50. Any indicative violation below that level will drag the pair down to 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)

RSI- Bearish

Directional movement index –Bearish 

It is good to sell on rallies around 155 with SL around 155.75 for a TP of 153.