FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1 Hour Chart)

Tenken-Sen- 151.91

Kijun-Sen- 151.71      

GBPJPY continues to trade higher for the past two days on the weak yen. USDJPY jumped sharply and hits a fresh year high on surging US bond yield.  The US 10-year bond yield jumped more than 10% from a low of 1.59% made on Mar 24th, 2021. GBPUSD is holding above 1.3700 levels on upbeat UK GDP data. The fourth-quarter UK GPD came at 1.3% compared to a forecast of 1%. The intraday trend of GBPJPY is bullish as long as support 151.20 holds.

 Technical:

 The pair's near-term resistance around 152.55, any break above targets 153.20/154. On the lower side, near-term support is around 151.80. An indicative violation below will drag the pair down to 151.20/150.85/ 150.50/150/149.21/148.50. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading above hourly Tenken-Sen, Kijun-Sen above Ichimoku cloud. This confirms the intraday trend of slightly bullish.              

Indicator (4 Hour chart)

CAM indicator –Bullish

Directional movement index –Bullish

It is good to buy on dips around 151.80 with SL around 151.20 for the TP of 153.20.