FxWirePro- GBPJPY Daily outlook
Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 148.402
Kijun-Sen- 145.86
GBPJPY is trading weak after a minor jump till 149.20 yesterday. The decline in the pound sterling is putting pressure on the pair at higher levels. GBPUSD hits the lowest level since Feb 18th on broad-based US dollar buying. USDJPY continues to trade higher and holding above 106.50 as the yen is inversely related to the bond yield. The intraday trend of GBPJPY is bearish as long as resistance 150.50 holds.
Technical:
The pair is facing significant resistance at 150.50, a jump to 151.50/153. On the lower side, near-term support is around 148. An indicative break below will drag the pair down to 147.25 (23.6% fib)/146.40/145.85. Significant trend reversal only below 144. A violation below will drag the pair to 142.80.
Indicator (Daily chart)
CAM indicator –Bearish
Directional movement index – Neutral
It is good to sell on rallies around 148.75-80 with SL around 149.30 for the TP of 147.
