Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 152.09
Kijun-Sen- 151.67
Previous week low – 148.45
GBPJPY has once again recovered after a minor decline below 152. The intraday trend is bullish as long as support 151.40 holds. GBPUSD jumped more than 300 pips on Brexit optimism and declining coronavirus cases.GBPJPY hits a high of 152.61 and is currently trading around 152.35.
Technical:
The pair's immediate resistance is around 152.65, any breach above targets 153/153.30/154. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 151.40. Any indicative violation below targets 150.60/150/149. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading below 1-hour Tenken-Sen and below Kijun-Sen.
Indicator (1-Hour chart)
CAM indicator-Bearish
Directional movement index –Bearish
It is good to sell on rallies around 151.95-52 with SL around 153 for TP of 150.