FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 151.31

 Kijun-Sen- 150.95

Previous week high – 153.45

GBPJPY has shown a nice recovery yesterday on board-based Japanese yen weakness. The pair surged more than 200 pips from a minor bottom 149.18. The pound sterling declined slightly after UK supermarkets warn food shortages over Christmas due to Brexit and COVID. The intraday trend of GBPJPY is bullish as long as support 150 holds.

USDJPY- Analysis

It is holding above 110 levels as US treasury yield surges. The intraday resistance to be watched 110.25. Significant support is around 109.

Technical:

The pair's immediate resistance is around 151.55, any jump above targets 151.85/152. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.85. Any indicative violation below targets 150.40/150/149.

 Ichimoku Analysis- The pair is trading above hourly Tenken-Sen and above Kijun-Sen.

 Indicator (Hourly chart)

 CCI (50)-Bullish

Directional movement index –Bullish

It is good to buy on dips around 151.25-30 with SL around 150.80 for a TP of 153.