FxWirePro: USD/JPY slips below 109 handle as Japan looks set to extend and expand the state of emergency
FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (Daily Chart)
GBPJPY recovered sharply and surged more than 200 pips from a low of 149.889 on broad-based Pound sterling buying. GBPUSD is holding above 1.4000 level on fast vaccine rollout and better than expected UK jobs data. The claimant count change for Mar eased to 10.1K compared to 24.5K and the unemployment rate dropped to 4.9% from 5%. The slight pullback in USDJPY from 107.97 is putting pressure on this pair at higher levels. The intraday trend of GBPJPY is bullish as long as supports 150.30 holds.
The pair's near-term resistance around 152, any break above targets 152.55/153/153.40 (100-M MA). On the lower side, near-term support is around 150.75. Any indicative violation below that level will drag the pair down to 150/149.30149/148.40. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading slightly above 4H Kijun-Sen, the cloud, Tenken-Sen. Any break above 151 confirms intraday bullishness.
Indicator (4-Hour chart)
CAM indicator –Bullish
Directional movement index –Bullish
It is good to buy on dips around 151.20 with SL around 150.60 for a TP of 153.