FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-hour Chart)

Tenken-Sen- 150.24

Kijun-Sen- 150.82                   

GBPJPY has recovered sharply after hitting a low of 149.58 on pound sterling bullishness.  GBP has recovered from an intraday low of 1.37258 despite weak UK GDP data.  UK economy grew by 0.4% in Feb compared to a forecast of 0.4%.  The successful corona vaccine rollout and easing of lockdown in the UK are purporting the Pound sterling.  USDJPY is consolidating in a narrow range between 109 and 109.95. The intraday trend of GBPJPY is bearish as long as resistance 151.20 holds.

 Technical:

 The pair's near-term resistance around 151.20, any break above targets 151.50/152. On the lower side, near-term support is around 149.50. Any indicative violation below that level will drag the pair down to 149/148.40. Significant trend reversal only if it breaks below 148.50.

Ichimoku Analysis- The pair is trading above Kijun-Sen and below the cloud, Tenken-Sen. Any break above 151.20 confirms intraday bullishness.      

Indicator (4-Hour chart)

CAM indicator –slightly bullish

Directional movement index –Bearish

It is good to sell on rallies around 150.75-80 with SL around 151.40 for a TP of 149.