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Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 154.89
Kijun-Sen- 155.11
GBPJPY continues to trade higher after forming a top around 156.07. The major sell-off in Pound sterling is putting pressure on this pair. The Brexit concerns and delta strain corona variant is dragging the pound sterling. GBPUSD is trading below 1.4100, any breach below 1.4080 confirms further bearishness. USDJPY trades in a narrow range between 109.20-109.60 for the past two days. GBPJPY hits an intraday low of 154.18 and is currently trading around 154.198.
Technical:
The pair's near-term resistance around 154.85 any break above confirms minor bullishness. A jump till 155.30/155.82/156.10/156.60 is possible. On the lower side, near-term support is around 154. Any indicative violation below that level will drag the pair down to 153.70/153. Significant trend reversal only if it breaks below 153.
Ichimoku Analysis- The pair is trading below hourly Kijun-Sen and Tenken-Sen.
Indicator (1-Hour chart)
RSI- Bearish
Directional movement index –Bearish
It is good to sell on rallies around 154.55-60 with SL around 155.10 for a TP of 153.
