FxWirePro: EUR/JPY regains upside traction, retraces above 200H MA after upbeat Eurozone Retail Sales data
FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (Daily Chart)
GBPJPY continues to trade weak after a minor pullback till 151.98 on broad-based Yen buying. The minor sell-off in US bond yield is supporting the Japanese yen. USDJPY is trading below 108 and hits a multi-week low. Any violation below 107.90 confirms a bearish continuation. GBPUSD is holding 1.3900 amid Brexit concerns and an increase in coronavirus cases. The intraday trend of GBPJPY is bearish as long as support 151 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. Any indicative violation below that level will drag the pair down to 149.30/149/148.40. Significant trend reversal only if it breaks below 147.40.
Ichimoku Analysis- The pair is trading slightly below 4H Kijun-Sen and below Tenken-Sen, cloud. Any break below 150 confirms intraday bearishness.
Indicator (4-Hour chart)
CAM indicator –Bearish
Directional movement index –Bearish
It is good to sell on rallies around 150.45-50 with SL around 151 for a TP of 148.50.