FxWirePro: GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

Tenken-Sen- 144.40

Kijun-Sen- 143.88                            

GBPJPY is consolidating after hitting a multi-month high at 144.92. The intraday trend of the pair is bullish as long as resistance turned into support 144 holds. GBPUSD is holding above 1.3800, the highest level since Apr 2018 despite Brexit uncertainty and surge COVID-19 death. The minor jump in the yen against the USD is putting pressure on this pair at higher levels. USDJPY's trend reversal only above 105.78.  Markets eyes Bank of England governor speech today at 5 PM GMT for further direction.

Technical:

 The pair's significant resistance at 145, any convincing break above targets 146.81/147.95. The decline from 156.60 will get completed at 123.99 once if it breaks 156.60. On the lower side, near term support is around 143.70, and any violation below targets 142.84/142.20/ 141.80/141.20.

Indicator (4-hour chart)

CAM indicator –neutral

Directional movement index – Neutral

It is good to buy on dips around 144.10-15 with SL around 142.85 for the TP of 146.81.