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  |   Technicals


FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Daily Chart)


Tenken-Sen- 151.14


Kijun-Sen- 150.68                   


GBPJPY has halted its five days of the bullish trend and declined more than 150 pips on broad-based Yen buying.  USDJPY hits multi-week lows on declining US bond yield. Any dip below 107.90 confirms a bearish continuation. The reduced hopes of a rate hike by the Fed and fast vaccine rollout is putting pressure on the US dollar. GBPUSD declined more than 70 pips from a seven-week high on surging coronavirus cases and mixed UK data. UK CPI came at 0.70% in Mar compared to a forecast of 0.8%. The intraday trend of GBPJPY is bullish as long as support 150.30 holds.



 The pair's near-term resistance around 151.20 any break above targets 151.60/152/152.55. On the lower side, near-term support is around 150.30. Any indicative violation below that level will drag the pair down to 150/149.30/149/148.40. Significant trend reversal only if it breaks below 147.40.


Ichimoku Analysis- The pair is trading slightly above 4H Kijun-Sen and below Tenken-Sen, cloud. Any break below 150.30 confirms intraday bearishness.                 


Indicator (4-Hour chart)


CAM indicator –Neutral


Directional movement index –Neutral

It is good to buy on dips around 150.70-75 with SL around 150.30 for a TP of 152.     

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