FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

 Tenken-Sen- 152.93

 Kijun-Sen- 152.34

Previous week high – 154.22

GBPJPY recovered sharply after forming a bottom at 150.66. The minor pullback jump in pound sterling is supporting the pair on the lower side. The overall trend of GBPUSD is still weak due to the surge in delta variant coronavirus and weak UK GDP data. USDJPY reversed some of its losses made on the previous week amid an upbeat positive global sentiment. GBPJPY hits an intraday high of 153.25 and is currently trading around 152.61.

 Technical:

 The pair's near-term resistance around 153.25, any break above targets 153.60/154.25.Significant bullish continuation if it breaks 154.25. On the lower side, near-term support is around 152. Any indicative violation below targets 151.65/151/150.65. Significant trend reversal only if it breaks below 147.40.

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

Indicator (1-Hour chart)

CAM indicator- Neutral

Directional movement index –Neutral

It is good to sell on rallies around 152.75-80 with SL around 154 for a TP of 150.