FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly chart)

 Tenken-Sen- 151.39

 Kijun-Sen- 151.32      

GBPJPY has recovered sharply after a dip till 150.87. The broad-based weakness in Japanese yen on rising coronavirus cases in Japan and dovish BOJ. USDJPY is trading higher for the fifth consecutive day and holding above 200-W MA. A jump till 110/111 likely.  The minor weakness in Pound sterling due to UK political uncertainties. GBPUSD is holding below 1.38500 and it should break above 1.4000 for further up move. The intraday trend of GBPJPY is bullish as long as support 150.60 holds.

 Technical:

 The pair's near-term resistance around 152 any break above confirms intraday bullishness. A jump till 152.81/153.40/154/155 is possible. On the lower side, near-term support is around 151.30. Any indicative violation below that level will drag the pair down to 150.70/150.30/150/149.30/148.40. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading well above hourly Kijun-Sen and below Tenken-Sen, cloud.

Indicator (Daily chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 151.35-40 with SL around 15.60 for a TP of 153/153.40.