FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 154.05

 Kijun-Sen- 154.18

GBPJPY is trading flat with no fresh buying momentum.  The pair was one of the best performers in past one month and jumped more than 500 pips on the strong Pound sterling.  GBPUSD recovered from a low of 1.41000 but trading below 1.4200 ahead of UK retail sales and Flash manufacturing PMI. Any breach above 1.42500 confirms a bullish continuation. USDJPY has once again declined below 109 on weak on broad-based US dollar weakness. A dip below 108.50 will take the pair to 108.20. The intraday trend of GBPJPY is bullish as long support 153 holds.

 Technical:

 The pair's near-term resistance around 155, any break above will take the pair to next level till 156/156.60. On the lower side, near-term support is around 153.50. Any indicative violation below that level will drag the pair down to 153/152. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading above 4-hour Kijun-Sen and cloud.

Indicator (1-Hour chart)

CAM indicator – Slightly Bullish 

Directional movement index –Bearish

It is good to sell on rallies around 154.30-35 with SL around 155 for a TP of 152.