FxWirePro- GBPJPY Daily Outlook
Ichimoku Analysis (1-Hour Chart)
Major Intraday resistance -152.65
Intraday support- 151.80
GBPJPY recovered slightly after UK CPI data. The inflation in the 12 months to August rose by 3.2%, the largest ever month-on-month increase since Jan 1997. The pair was one of the worst performers yesterday and hammered more than 150 pips on strong yen. GBPUSD is holding above 1.3800 after upbeat UK inflation. The intraday trend of GBPJPY is bearish as long as resistance 153 holds.
The pair is trading below 200-4H MA; a dip to 109 is possible. The overall trend is bearish as long as resistance 110.80 holds.
The pair's immediate resistance is around 151.80, any surge above targets 152.30/152.85/153/153.50/154.10. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 151. Any indicative violation below targets 150.45/150/149.
Ichimoku Analysis- The pair is trading below hourly Kijun-Sen and below Tenken-Sen
Indicator (Hourly chart)
CAM indicator- Slightly bullish
Directional movement index –Bullish
It is good to sell on rallies around 151.80-85 with SL around 152.25 for a TP of 149.