Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 153.09
Kijun-Sen- 153.87
GBPJPY continues to trade below 153 after a minor pullback to 153.21. The pound sterling lost slightly after mixed UK data. The UK final GDP came at -1.6% vs -1.5% q/q. GBPUSD holding below 1.3850 level, any breach below 1.3800 confirms further bearishness. The surge in coronavirus cases and delay in reopening the economy puts pressure on the Pound sterling. USDJPY is holding above 110 level, any breach above 111.20 targets 112. GBPJPY hits an intraday low of 152.819 and is currently trading around 152.845.
Technical:
The pair's near-term resistance around 153.20, any break above targets 153.65/154/154.60/155.15. Significant trend reversal only if it breaks 156.60. On the lower side, near-term support is around 152.50. Any indicative violation below that level will drag the pair down to 152/151.30. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading below 4-Hourly Kijun-Sen, Tenken-Sen, cloud.
Indicator (4-Hour chart)
CAM indicator- Bearish
Directional movement index –Bearish
It is good to sell on rallies around 153.25-30 with SL around 154 for a TP of 151.30.
