FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 152.56

 Kijun-Sen- 152.30

Previous week high – 154.22

GBPJPY has declined more than 150 pips due to a minor pullback in Yen. It gained sharply against the USD after dovish Fed chairman comments. The pound sterling has jumped slightly onboard based on US dollar selling. Markets eye UK Claimant count change data for further direction. USDJPY trades below 110 levels, any breach below 109.50 confirms intraday bearishness. GBPJPY hits an intraday low of 151.83 and is currently trading around 152.25.

 Technical:

 The pair's near-term resistance around 152.32, any break above targets 152.77/153.06/153.51.Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 151.60. Any indicative violation below targets 150.65. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading below 4-hour Tenken-Sen and below Kijun-Sen.

Indicator (4-Hour chart)

CAM indicator-Neutral

Directional movement index –Neutral

It is good to sell on rallies around 152.25-30 with SL around 153 for a TP of 150.65.