FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 152.94

 Kijun-Sen- 152.07

Previous week high – 154.22

GBPJPY is trading in a narrow range between 152.41 and 153.48 for the past two days. The pound sterling has once declined once again after a minor jump above 1.3900. The upbeat UK inflation data has prevented the GBPUSD from further selling. The CPI surged to 2.5% in June, hits a 34-month high. USDJPY trades higher for the third consecutive day and holding above 110 levels. GBPJPY hits an intraday high of 153.03and is currently trading around 153.03.

 Technical:

 The pair's near-term resistance around 153.50, any break above targets 154.25./155.15/156.06.Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 152.40. Any indicative violation below targets 151.80/151.30/150.65. Significant trend reversal only if it breaks below 147.40.

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

Indicator (4-Hour chart)

CAM indicator-Neutral

Directional movement index –Neutral

It is good to sell on rallies around 153.55-60 with SL around 154.25 for a TP of 150.