FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

 Tenken-Sen- 149.22

 Kijun-Sen- 150.63

Previous week high – 154.22

GBPJPY continues to trade weak for the second consecutive week. The pair has lost more than 400 pips on board-based Pound sterling weakness.  GBPUSD hits a 5-month low as dollar strengths on risk-on mood. The US has asked its citizens not to travel to the UK on surging coronavirus cases. The number of cases in the UK recorded more than 50000, the highest number since mid-Jan. GBPJPY hits an intraday low of 149.96 and is currently trading around 149.57.

 Technical:

 The pair's near-term resistance is around 150, any break above targets 150.60/151.30/152. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 149. Any indicative violation below targets 148.40/148/147.40. Significant trend reversal only if it breaks below 147.40.

Ichimoku Analysis- The pair is trading below 1-hour Tenken-Sen and below Kijun-Sen.

Indicator (4-Hour chart)

 CAM indicator-Bullish

Directional movement index –Bearish

It is good to sell on rallies around 150 with SL around 151 for a TP of 148.