FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 155.91

 Kijun-Sen- 154.97

GBPJPY surged more than 150 pips yesterday on board-based Yen weakness. The pair hits a multi-year high at 156.07 and is currently trading around 155.95. GBPUSD is still holding below 1.420 levels on a minor pullback in the US dollar. The spread of the India variant in the U.K is putting pressure on the pound sterling at higher levels.  USDJPY is trading higher for third consecutive days, any surge past 110 confirms a bullish continuation. The intraday trend of GBPJPY is bullish as long support 154.80 holds.

 Technical:

 The pair's near-term resistance around 156.60, any break above confirms that pair downside got completed at 124.02. A jump till 157.50/158 is possible. On the lower side, near-term support is around 155.47. Any indicative violation below that level will drag the pair down to 154.98/154.35/153.75/153. Significant trend reversal only if it breaks below 153.

Ichimoku Analysis- The pair is trading above hourly Kijun-Sen and cloud.

Indicator (1-Hour chart)

CAM indicator – Bullish

Directional movement index –Neutral

It is good to buy on dips around 155 with SL around 154 for a TP of 157.50.