Ichimoku Analysis (1-Hour Chart)
Tenken-Sen- 151.28
Kijun-Sen- 151.20
Major Intraday resistance -151.80
Intraday support- 151.30
GBPJPY has formed a double bottom around 150.80 and shown a nice recovery of more than 80 pips on the weak Japanese Yen. The pound sterling has shown a minor weakness against the US dollar after weak UK retail sales. It dropped by 0.9% in August compared to a forecast of 0.5%. The intraday trend of GBPJPY is bullish as long as support 150.80 holds.
USDJPY- Analysis
The pair has once again taken support near 109 and recovered sharply on the strong US dollar. The overall trend is bearish as long as resistance 110.80 holds.
Technical:
The pair's immediate resistance is around 151.81, any surge above targets 152.30/152.85/153/153.50/154.10. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.80. Any indicative violation below targets 150.45/150/149.
Ichimoku Analysis- The pair is trading below hourly Kijun-Sen and below Tenken-Sen
Indicator (Hourly chart)
CAM indicator- Slightly bullish
Directional movement index –Neutral
It is good to buy above 151.80 with SL around 151.30 for a TP of 153.50.
