Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 153.79
Kijun-Sen- 153.16
GBPJPY has halted its three weeks of the bearish trend and shown a nice recovery. The jump in pound sterling against all majors is supporting the pair at lower levels. GBPUSD is holding well above 1.3900 levels on Brexit optimism and hopes of reopening of UK economy by Jul 19th, 2021. Markets eye UK SDJPY is holding well above 110 level, any break above 111 confirms significant bullishness. GBPJPY hits an intraday high of 153.77 and is currently trading around 153.562.
Technical:
The pair's near-term resistance around 155, any break above confirms intraday bullishness. A jump till 156.10. Major trend reversal only if it breaks 156.60. On the lower side, near-term support is around 153.95. Any indicative violation below that level will drag the pair down to 153/152/151.30. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading well above 4-Hour Kijun-Sen, Tenken-Sen, cloud.
Indicator (4-Hour chart)
CAM indicator- Slightly Bullish
Directional movement index –Bearish
It is good to buy on dips around 154.55-60 with SL around 153.90 for TP of 156.60.
