Ichimoku Analysis (1-Hour Chart)
Tenken-Sen- 151.796
Kijun-Sen- 151.796
Previous week high – 152.16
GBPJPY has recovered sharply after taking support near the trend line. The UK retail sales came better than expected. While Markit UK manufacturing and services PMI contracted. GBPUSD pared some of its gains made the previous week. The board-based US dollar buying and surge in several new coronavirus cases in the UK. GBPJPY hits an intraday low of 151.43 and is currently trading around 151.625.
Technical:
The pair's near-term resistance is around 152.20, any break above targets 152.60/153/153.30. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 151.40. Any indicative violation below targets 150.60/150/149. 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 151.95-52 with SL around 153 for TP of 150.
