FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Daily Chart)

Tenken-Sen- 151.40

Kijun-Sen- 150.97                   

GBPJPY is consolidating in a narrow range between 150.82 and 149.38 for the past five days. The slight strength in the Japanese Yen is putting pressure on this pair. The minor sell-off in US bond yield is putting pressure on USDJPY. The minor jump in Pound sterling is preventing this pair from further downside.  GBPUSD is holding well above 1.3800 on UK fast vaccination and easing lockdown restriction. USDJPY is trading well below 200-4H MA, a dip till 108 is possible. The intraday trend of GBPJPY is bearish as long as resistance 151 holds.

 Technical:

 The pair's near-term resistance around 151, any break above targets 151.50/152/152.55/153. On the lower side, near-term support is around 149.35. Any indicative violation below that level will drag the pair down to 149/148.40. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading slightly below daily  Kijun-Sen and below the cloud, Tenken-Sen. Any break above 151 confirms intraday bullishness.   

Indicator (Daily chart)

CAM indicator –Neutral

Directional movement index –Neutral

It is good to sell on rallies around 150.65-70 with SL around 151.20 for a TP of 149.