Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 150.73
Kijun-Sen- 150.45
Previous week high – 153.45
GBPJPY surged sharply yesterday on account of the board-based Pound sterling. The chance of delay in Fed tapering has prevented GBPUSD from further sell-off. The United Kingdom reports 31914 new coronavirus cases. GBPUSD jumped more than 100 pips from a minor bottom of 1.360. Any breach above 1.3750 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 150 holds.
USDJPY- Analysis
It is consolidating in a narrow range between 109.49 and 110.22 for the past three days. The intraday resistance to be watched 110.25. Significant support is around 109.
Technical:
The pair's immediate resistance is around 151.05, any jump above targets 151.55/151.85/152. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.39. Any indicative violation below targets 150/149/148.40/147.40.
Ichimoku Analysis- The pair is trading below Tenken-Sen and above Kijun-Sen.
Indicator (Hourly chart)
CCI (50)-Bullish
Directional movement index –Neutral
It is good to sell on rallies around 150.80-85 with SL around 151.50 for a TP of 149.
