Ichimoku Analysis (1-Hour Chart)
Tenken-Sen- 152.76
Kijun-Sen- 152.82
Previous week high – 153.45
GBPJPY is trading in a narrow range of 153.44 and 151.17 for the past week. The minor weakness in the pound sterling due to renewed Brexit woes is preventing the pair from further upside. GBPUSD holding below 1.3850 levels, any breach below 1.3835 confirms further bearishness. The Japanese yen selling pressure is protecting GBPJPY from further sell-off. USDJPY struggles to break multi-month top 110.40 level. The intraday trend of GBPJPY is still bullish as long as support 152 holds.
Technical:
The pair's immediate resistance is around 152.90, any jump above targets 153.50/154/155.05/156. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 152.49. Any indicative violation below targets 152/151.54/151.
Ichimoku Analysis- The pair is trading above 4-hour Kijun-Sen and above Tenken-Sen.
Indicator (4-Hour chart)
CAM indicator-Bullish
Directional movement index –Bullish
It is good to buy on dips around 152.90-95 with SL around 150.70 for a TP of 1153.25/153.50.
