FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 151.43

 Kijun-Sen- 151.52

Previous week high – 154.22

GBPJPY has shown a nice recovery after forming a bottom around 150.66. The minor weakness in the yen as US yields recover is supporting the pair at lower levels. USDJPY jumped more than 50 pips from a low of 109.53. GBPUSD trades weak amid weak UK economic data. UK GDP slowed to 0.8% in May compared to an estimate of 1.5%.GBPJPY hits an intraday high of 151.68 and is currently trading around 151.67.

 Technical:

 The pair's near-term resistance around 151.92, any break above targets 152.50/152.92/153.20.Significant bullish continuation if it breaks 154.25. On the lower side, near-term support is around 150.50. Any indicative violation below targets 150/149/148.52. 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- Bearish

Directional movement index –Bearish

It is good to sell on rallies around 152 with SL around 153 for a TP of 150.