Ichimoku Analysis (1-Hour Chart)
Tenken-Sen- 153.62
Kijun-Sen- 153.41
Previous week high – 153.96
P.week low -153.08
GBPJPY is consolidating between 153.96 and 153.08 for the past four days. The pound sterling surged more than 100 pips against the USD dollar. Markets eye UK PM Boris Johnson plan for final unlock of the economy. USDJPY has formed a minor top around 111.65 and shown a minor sell-off. Any decline below 110.85 confirms intraday bearishness. GBPJPY hits an intraday high of 153.643 and is currently trading around 153.566.
Technical:
The pair's near-term resistance around 154.22, any break above targets 154.60/155.15. Significant trend reversal only if it breaks 156.60. On the lower side, near-term support is around 153.40. Any indicative violation below that level will drag the pair down to 152.80/152.50/151.30. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading above Tenken-Sen and below Kijun-Sen.
Indicator (1-Hour chart)
CAM indicator- Neutral
Directional movement index –Neutral
It is good to sell on rallies around 153.80-85 with SL around 154.50 for a TP of 151.30.
