FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 150.57

 Kijun-Sen- 150.53

Previous week high – 153.45

GBPJPY is consolidating in a narrow range between 150.05 and 151.01 for the past two days. The pound sterling jumped to 1.37475 and was not able to hold gains on the US dollar rebound. The number of coronavirus cases jumped over 30K      and 174 deaths for the week ended Aug 13th, the highest level since late March. The intraday trend of GBPJPY is bullish as long as support 150 holds.

USDJPY- Analysis

It is consolidating in a narrow range between 109.41 and 110.14 for the past two 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 above hourly Tenken-Sen and above Kijun-Sen.

 Indicator (Hourly chart)

 CCI (50)-Neutral

Directional movement index –Neutral

It is good to buy above 151.05 with SL around 150.50 for a TP of 153.