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Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 154.10
Kijun-Sen- 154.15
GBPJPY is consolidating in a narrow range between 153.54 and 154.67 for the past four days. The minor decline in the Pound sterling is putting pressure on this pair at higher levels. GBPUSD is trading below 1.4150 despite US dollar weakness. The pair is facing rejection around 1.4200. It should close above 1.4200 for further uptrend. USDJPY has once again traded below 109, a dip below 108.50 will take the pair to 108.20. The intraday trend of GBPJPY is bearish as long resistance 155 holds.
Technical:
The pair's near-term resistance around 155, any break above will take the pair to next level till 156/156.60. On the lower side, near-term support is around 153.75. Any indicative violation below that level will drag the pair down to 153.35/153/152.39. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading below 4-hour Kijun-Sen and cloud.
Indicator (4-Hour chart)
CAM indicator – Neutral
Directional movement index –Neutral
It is good to sell on rallies around 154.30-35 with SL around 155 for a TP of 152.
