FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

Tenken-Sen- 152.04

 Kijun-Sen- 152.25

Major Intraday resistance -152.30

Intraday support- 151.80

GBPJPY is trading in a narrow range between 152.63 and 151.42 for the past week. The slight weakness in the pound sterling against the USD is preventing the pair from further upside. GBPUSD is trading below 200- HMA on surge in coronavirus cases. The EU Brexit chief has rejected UK demand to rewrite Northern Ireland trade. The intraday trend of GBPJPY is bullish as long as support 151 holds.

USDJPY- Analysis

The pair has once again regained above 110 levels as US Treasury bond yields jump. The overall trend is neutral as long as resistance 110.80 holds.

Technical:

The pair's immediate resistance is around 152.30, any surge above targets 153/153.50/154.10. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 151.80. Any indicative violation below targets 151.30/150.89/150.45.

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

 Indicator (Hourly chart)

CAM indicator- Neutral

Directional movement index –Neutral

It is good to buy on dips around 152 with SL around 151.30 for a TP of 153.50.