FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 154.48

 Kijun-Sen- 153.23

GBPJPY is consolidating after hitting a low of 153.82. The central bank kept its interest rates unchanged at 0.1% and the bond-buying program unchanged at 875m. BOE also upgraded its inflation and growth forecast. They confirmed that the jump in inflation is temporary, with no possibility of a rate hike in the near term. GBPUSD continues to hold below 1.4000 levels, breach below 1.3900 confirms further bearishness. USDJPY continues to trade higher, surge past  111.20 targets 112. GBPJPY hits an intraday high of 154.52 and is currently trading around 154.346.

 Technical:

 The pair's near-term resistance around 155.15, any break above confirms intraday bullishness. A jump till 155.50/156.10. Major trend reversal only if it breaks 156.60. On the lower side, near-term support is around 154.50. Any indicative violation below that level will drag the pair down to 154/153/152/151.30. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading above 4-Hour Kijun-Sen, Tenken-Sen, cloud.

Indicator (4-Hour chart)

CAM indicator- Neutral

Directional movement index –Neutral 

It is good to sell on rallies around 154.50-55 with SL around 155.15 for a TP of 153.