FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

Tenken-Sen- 152.01

 Kijun-Sen- 152.19

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.

 Technical:

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.