FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 150.53

 Kijun-Sen- 151.31

Previous week high – 154.22

GBPJPY is trading extremely weak and lost more than 200 pips in the past two days. The pound sterling declined sharply after the US issued a travel alert to the UK. GBPUSD holding well below 1.3700, the lowest level since Feb. The average number of cases in the US has tripled in the past 30 days. GBPJPY hits an intraday low of 149.29 and is currently trading around 149.57.

 Technical:

 The pair's near-term resistance is around 150, any break above targets 150.60/151.30/152. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 149. Any indicative violation below targets 148/147.40. 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 (4-Hour chart)

 CAM indicator-Bearish

Directional movement index –Bearish

It is good to sell on rallies around 150 with SL around 151 for a TP of 148.