FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 153.67

 Kijun-Sen- 153.31

This week high – 153.96

Yesterday's low -153.46

GBPJPY has recovered strongly and broken the previous week's high 153.96 on a minor pullback in Pound sterling.  The upbeat UK economic data and reopening of the economy after Corona are supporting this pair at lower levels.  UK Final services came at 62.40 in June compared to a forecast of 61.70. USDJPY has formed a minor top around 111.65 and shown a minor sell-off.  Any decline below 110.45 confirms intraday bearishness. GBPJPY hits an intraday high of 154.07 and is currently trading around 153.97.

 Technical:

 The pair's near-term resistance around 154.25, any break above targets 154.60/155.15. Significant trend reversal only if it breaks 156.60. On the lower side, near-term support is around 153.40. Any indicative violation below that level will drag the pair down to 153/152.75/152.50/151.30. Significant trend reversal only if it breaks below 151.30.

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

Indicator (4-Hour chart)

CAM indicator- Bullish

Directional movement index –Bullish

It is good to buy on dips around 153.75-80 with SL around 153.30 for a TP of 155.