Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 155.01
Kijun-Sen- 154.90
GBPJPY is consolidating in a narrow range between 155.48 and 154.53 for the past three days. The weakness in the pound sterling is putting pressure on this pair. GBPUSD has lost nearly 100 pips after the hawkish Fed monetary policy statement. It is holding below 1.4000, a dip till 1.3875 is possible. USDJPY breaks 1110.35 after a long consolidation. Any breach above 111 confirms further bullishness. It hits an intraday high of 155.379 and is currently trading around 155.27.
Technical:
The pair's near-term resistance around 155.50 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 154.50. Any indicative violation below that level will drag the pair down to 154.30/154/153.70/153. Significant trend reversal only if it breaks below 153.
Ichimoku Analysis- The pair is trading below 4-hour Kijun-Sen and above Tenken-Sen, cloud.
Indicator (4-Hour chart)
CAM indicator- Bearish
Directional movement index –Bearish
It is good to sell on rallies around 155.25-30 with SL around 156 for a TP of 153.
