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FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (4-Hour Chart)
Previous week high – 153.45
GBPJPY is trading highly volatile for the past three days. The intraday trend is still neutral as long as resistance 153.50 holds. The minor pullback in USDJPY from a 10-week low is supporting the pair at lower levels. Any breach above 109.85 confirms further bullishness. The Pound sterling is consolidating in a narrow range ahead of Bank of England monetary policy. Investors await economic forecasts and tapering hints for further direction.
The pair's immediate resistance is around 152.50, any violation above targets 153/153.50. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 151.40. Any indicative violation below targets 150.60/150/149.
Ichimoku Analysis- The pair is trading above 1-hour Tenken-Sen and below Kijun-Sen.
Indicator (4-Hour chart)
CAM indicator- Slightly Bullish
Directional movement index –Neutral
It is good to buy on dips around 152.50-55 with SL around 151.40 for a TP of 155.