Ichimoku Analysis (1-Hour Chart)
Tenken-Sen- 154.63
Kijun-Sen- 154.73
GBPJPY continues to trade weak after a minor pullback till 155.30. The overall trend is bearish as long as resistance 156.10 holds. The slight delay in reopening in the UK due to the delta corona variant is putting pressure on the pair at higher levels. GBPUSD pared some of its early gains and a break below 1.4070 confirms further bearishness. USDJPY is holding above 109.50, any breach above 109.85 confirms further bullishness. It hits an intraday low of 154.56 and is currently trading around 154.671.
Technical:
The pair's near-term resistance around 155.30 any break above confirms minor bullishness. A jump till 155.82/156.10/156.60 is possible. On the lower side, near-term support is around 154. Any indicative violation below that level will drag the pair down to 153.70/153. 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- Bearish
Directional movement index –Bearish
It is good to sell on rallies around 154.55-60 with SL around 155.10 for a TP of 153.
