FxWirePro- GBPJPY Daily Outlook

Ichimoku Analysis (4-Hour Chart)

Tenken-Sen- 151.56

 Kijun-Sen- 151.20

Previous week high – 153.45

GBPJPY declined more than 40 pips after hitting two weeks high at 151.95. The minor pullback in yen is putting pressure on this pair at higher levels. The pound sterling is trading flat and struggling to break above 1.3800 due to Brexit concerns and the spread of delta variant coronavirus. The intraday trend of GBPJPY is bullish as long as support 151 holds.

USDJPY- Analysis

The pair lost more than 40 pips after a pullback above 110 level. The surge in US treasury yields and upbeat market sentiment are supporting the pair at lower levels. Significant support is around 109.

Technical:

The pair's immediate resistance is around 152, any surge past targets153/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 151. Any indicative violation below targets 150.45/149/148.45.

 Ichimoku Analysis- The pair is trading above 4- hour Kijun-Sen and below Tenken-Sen

 Indicator (4 Hour chart)

CAM indicator- Slightly Bullish

Directional movement index –Bullish

It is good to buy on dips around 151.55-60 with SL around 151 for a TP of 153.