FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 152.20

 Kijun-Sen- 152.547

Previous week high – 154.22

GBPJPY has shown a minor pullback after a minor decline to 151.60. The minor jump in Yen has dragged the pair down from a temporary top of 153.48. The US 10-year bond yield hits fresh weekly lows at 1.299% is preventing further upside in USDJPY. The number of people who have filed for unemployment benefits in the UK declined to-114.8K in June from-92.6K the previous month. The unemployment rate dropped to 6.2% from 5.8%. GBPJPY hits an intraday low of 152.09 and is currently trading around 152.114.

 Technical:

 The pair's near-term resistance is around 152.30, any break above targets 152.77/153.06/153.51. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 151.60. Any indicative violation below targets 150.65. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading below 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 152.25-30 with SL around 153 for a TP of 150.65.