FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 151.38

 Kijun-Sen- 151.62      

GBPJPY has taken support near 55- day EMA and shown a minor recovery. The pair is trading higher for the second consecutive weeks on minor weakness in the Japanese Yen. USDJPY is holding above 200-W MA and a break above 110 confirms a bullish continuation. The upbeat market sentiment and bullish US bond yields are dragging the Japanese yen. GBPUSD is trading below 1.3900 on Brexit worries and a surge in new coronavirus cases. Markets eye UK final manufacturing PMI for further direction. The intraday trend of GBPJPY is bullish as long as support 151 holds.

 Technical:

 The pair's near-term resistance around 152, any break above will take the pair to next level till 152.40/152.81 (trend line resistance) /153.40. On the lower side, near-term support is around 151.50. Any indicative violation below that level will drag the pair down to 151.10/150.80/150.30. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading well above 4-hour Kijun-Sen and below Tenken-Sen, cloud.

Indicator (Hourly chart)

CAM indicator –Neutral

Directional movement index –Bullish

It is good to buy on dips around 151.50 with SL around 151 for a TP of 153/153.40.