FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (1-Hour Chart)
Previous week low – 148.45
GBPJPY is trading weak after hitting a high of 153.44 the previous week. The initial bias for the week remains neutral as long as resistance 156.05 holds. The minor pullback in yen due to a decline in US bond yield is putting pressure on this pair. GBPUSD is struggling to break above the 1.4000 level. Markets eye UK manufacturing PMI for further direction.
The pair's immediate resistance is around 153.50, any violation above targets 154/155/156.05. 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 (1-Hour chart)
CAM indicator- Slightly Bullish
Directional movement index –Bearish
It is good to buy on dips around 152.40-45 with SL around 152 for TP of 155.