Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 151.02
Kijun-Sen- 150.43
Previous week high – 153.45
GBPJPY has shown a minor sell-off after a jump till 151.59. The pound sterling is trading weak against the US dollar ahead of US Fed Chairman Powell's speech today. The spread of Delta Coronavirus and the chance of food crisis during Christmas due to post Brexit supply is also putting pressure on this pair at higher levels. The intraday trend of GBPJPY is neutral as long as resistance 151.75 holds.
USDJPY- Analysis
The pair has formed a double top around 110.22 and shown a decline. The intraday resistance to be watched 110.25. Significant support is around 109.
Technical:
The pair's immediate resistance is around 151.75, any jump above targets 152/153. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.50. Any indicative violation below targets 150/149/148.45.
Ichimoku Analysis- The pair is trading above 4- hour Kijun-Sen and below Tenken-Sen
Indicator (4 Hour chart)
CCI (50)-Bullish
Directional movement index –Neutral
It is good to buy on dips around 150.55-60 with SL around 150 for a TP of 153.
