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Ichimoku Analysis (1-Hour Chart)
Tenken-Sen- 152.37
Kijun-Sen- 153.07
Previous week high – 154.22
GBPJPY continues to trade lower for a second consecutive week and lost more than 150 pips on-board-based Pound sterling. GBPUSD hits 3- month low on US dollar strength. The surge in new delta variant coronavirus has increased demand for safe-haven assets like the dollar, yen. The UK has reported 54674 new coronavirus cases on Sat, the highest since Jan. GBPJPY hits an intraday low of 152.09 and is currently trading around 152.114.
Technical:
The pair's near-term resistance is around 151.65, any break above targets 152/152.60/152.77/153.06/153.51. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 150.60. Any indicative violation below targets 150/149.05/148. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading below 1-hour 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 150.85-90 with SL around 151.60 for a TP of 148.
