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FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (4-Hour Chart)
Previous week low – 148.45
GBPJPY has shown a minor sell-off and lost more than 80 pips on strong yen.USDJPY is trading weak amid weak US dollar weakness. Any breach below 109 confirms further weakness. GBPUSD is holding above 1.3950 levels on declining coronavirus cases. The intraday trend of GBPJPY is bullish as long as support 152.65 holds.
The pair's immediate resistance is around 153.50, any violation above targets 154/155. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 152. Any indicative violation below targets 151.40/150.60/150/149. 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)
Directional movement index –Bullish
It is good to buy on dips around 152.70-75 with SL around 152 for TP of 155.