FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-hour Chart)

Tenken-Sen- 150.02

Kijun-Sen- 150.26                   

GBPJPY has formed a double bottom around 149.58 and shown a minor recovery.  The slight strength in the yen is putting pressure on this pair. USDJPY declined after Powell's optimistic view on the economy. Any break below 108.75 (200-4H MA).  GBP is holding above 1.3750 levels on broad-based US dollar selling. The intraday trend of GBPJPY is bearish as long as resistance 151.20 holds.

 Technical:

 The pair's near-term resistance around 150.50, any break above targets 150.87/151.20/151.50/152. 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 below Kijun-Sen and below the cloud, Tenken-Sen. Any break above 150.50 confirms intraday bullishness.      

Indicator (4-Hour chart)

CAM indicator –Neutral

Directional movement index –Bearish

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