Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 149.60
Kijun-Sen- 148.24
GBPJPY lost more than 200 pips on broad-based Pound sterling weakness. GBPUSD declined more than 300 pips from 34 months high 1.42410 on surging US bond yield. . The yield hits fresh year 1.56% on hopes of massive fiscal stimulus in the U.S to counter Coronavirus. USDJPY continues to trade higher and holding above 106 as the yen is inversely related to the bond yield. The intraday trend of GBPJPY is bearish as long as resistance 149.20 holds.
Technical:
The pair is facing significant resistance at 148.85, a jump till 149.20/150 is possible. On the lower side, near-term support is around 148. An indicative break below will drag the pair down to 147.50/146.40. Significant trend reversal only below 144. A violation below will drag the pair to 142.80.
Indicator (Hourly chart)
CAM indicator –Bearish
Directional movement index – Bearish
It is good to sell on rallies around 148.70-75 with SL around 149.20 for the TP of 147.
