Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 151.32
Kijun-Sen- 151.02
Previous week high – 153.45
GBPJPY rebounds sharply after hitting a low of 151.05. The weakness in Yen is due to upbeat market sentiment and a jump in US treasury yield. The minor sell-off in Pound sterling on Brexit pessimism and coronavirus concerns is preventing the pair from upside. GBPUSD trades above 1.3750; any breach below 1.3730 confirms further bearishness. The intraday trend of GBPJPY is bullish as long as support holds.
USDJPY- Analysis
The pair has broken significant resistance 110.25, a jump till 110.80. Significant support is around 109.
Technical:
The pair's immediate resistance is around 151.75, any surge past targets 152/153. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 151. Any indicative violation below targets 150.45/149/148.45.
Ichimoku Analysis- The pair is trading above 4- hour Kijun-Sen and below Tenken-Sen
Indicator (4 Hour chart)
CAM indicator- Slightly Bullish
Directional movement index –Bullish
It is good to buy on dips around 151.55-60 with SL around 151 for a TP of 153.
