FxWirePro- GBPJPY Daily outlook
Ichimoku Analysis (Hourly Chart)
GBPJPY recovered more than 100 pips from a low of 148.11. The jump mainly due to a slight recovery in the Pound sterling. GBPUSD surged sharply from minor bottom 1.38589 till 1.39980. Markets eyes UK annual budget for further direction. USDJPY hits a 25-month high and holding well above 200- day MA. The intraday trend of GBPJPY is bearish as long as resistance 150.50 holds.
The pair is facing significant resistance at 149.30, a jump to 150.50 likely. Significant trend continuation only above 150.50. A jump 151.50/153. On the lower side, near-term support is around 148. An indicative break below will drag the pair down to 147.40 /146.40/145.85. Significant trend reversal only below 144. A violation below will drag the pair to 142.80.
Indicator (Daily chart)
CAM indicator –Bearish
Directional movement index – Neutral
It is good to sell on rallies around 148.75-80 with SL around 149.30 for the TP of 147.