FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 155.25

 Kijun-Sen- 155.34

GBPJPY has formed a minor top around 156.05 and lost more than 100 pips on board-based yen strength. USDJPY halted its five weeks of a bullish trend and shown a massive sell-off on US bond yield weakness. Any breach below 109.30 confirms further weakness. GBPUSD struggling to close above 1.4200 level. Any daily close below 1.4080 will drag the pair further down. The spread of the Indian variant is putting pressure on the Pound sterling. The intraday trend of GBPJPY is bearish as long resistance 156.05 holds.

 Technical:

 The pair's near-term resistance around 155.30, any break above confirms intraday bullishness. A jump till 155.82/156.10/156.60 is possible. On the lower side, near-term support is around 154.50. Any indicative violation below that level will drag the pair down to 154.35/153.75/153. Significant trend reversal only if it breaks below 153.

Ichimoku Analysis- The pair is trading below 4- Hour Kijun-Sen and Tenken-Sen.

Indicator (4-Hour chart)

RSI- Bearish

Directional movement index –Bearish 

It is good to sell on rallies around 155 with SL around 155.75 for a TP of 153.