FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 155.34

 Kijun-Sen- 154.95

GBPJPY has shown a minor decline after hitting multi-month high art 156.07.is trading in a narrow range between 156.07 and 155.30 for the past four days. The bullish trend in the Pound sterling is supporting the pair at lower levels. GBPUSD surged sharply and hits the highest levels since Apr 2018 on board-based US dollar weakness. The minor surge in the number of coronavirus cases will delay reopening in the UK. USDJPY has halted its five days of the bullish trend. Any surge past 110.20 confirms a bullish continuation. The intraday trend of GBPJPY is bullish as long support 154.60 holds.

 Technical:

 The pair's near-term resistance around 156.60, any break above confirms that pair downside got completed at 124.02. A jump till 157.50/158 is possible. On the lower side, near-term support is around 155.30. Any indicative violation below that level will drag the pair down to 154.98/154.35/153.75/153. Significant trend reversal only if it breaks below 153.

Ichimoku Analysis- The pair is trading below hourly Kijun-Sen and cloud.

Indicator (1-Hour chart)

CAM indicator – Neutral

Directional movement index –Neutral

It is good to buy on dips around 155 with SL around 154 for a TP of 157.50.