FxWirePro- GBPJPY Weekly outlook

Ichimoku Analysis (Weekly Chart)

Tenken-Sen- 146.29

Kijun-Sen- 142.64       

GBPJPY continues to trade higher for the 12th consecutive week and surged more than 10% on weak yen. The yen is trading weak against all majors especially USD on bullish US bond yield. USDJPY is trading well above 200-W MA; any close above confirms a bullish continuation. GBPUSD is trading lower and struggling to regain above 1.4000. Markets eye UK PM Jhonson stimulus for further direction.  The short-term trend of GBPJPY is bullish as long as support 150.60 holds.

Technical:

 The pair's near-term resistance around 152.50, any break above targets 153.50/154/154.40. On the lower side, near-term support is around 151.20. An indicative violation below will drag the pair down to 150.50/150. Significant trend reversal only below 149.35.

Indicator (Weekly chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 151 with SL around 150 for the TP of 153.