FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

Tenken-Sen- 151.68

 Kijun-Sen- 151.74

Major Intraday resistance -152.30

Intraday support- 151.75

GBPJPY is struggling to close above 152 for the past three days. The minor weakness in Pound sterling after BOE member Michael Saunders said that the Central bank would start to raise interest rates if inflation continues to jump higher. The intraday trend of GBPJPY is bullish as long as support 151 holds.

USDJPY- Analysis

The pair have once again declined after hitting a high of 110.44 on weak US treasury yields. The overall trend is neutral as long as resistance 110.80 holds.

Technical:

The pair's immediate resistance is around 151.70, any surge above targets 152/152.29/152.50/153/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 151.49. Any indicative violation below targets 151/150.45/149/148.45.

 Ichimoku Analysis- The pair is trading below hourly Kijun-Sen and below Tenken-Sen

 Indicator (Hourly chart)

CAM indicator- Slightly Bullish

Directional movement index –Bearish

It is good to buy on dips around 151.50 with SL around 151 for a TP of 153.50.