FxWirePro: AUD/USD extends previous session's weakness, aussie shrugs off upbeat Australian Retail Sales data
FxWirePro- GBPJPY Daily outlook
Ichimoku Analysis (Daily Chart)
GBPJPY is consolidating between 150.73 and 147.40 for the past two weeks. The slight weakness in the yen is supporting the pair at lower levels. The major sell-off in pound sterling despite the removal of lockdown and declining deaths due to coronavirus. The broad-based US dollar buying is dragging the GBPUSD down below 1.3850 levels. USDJPY is holding above 108 levels, a jump to 108.80 likely. The yen is inversely related to US bond yield. The short-term trend of GBPJPY is bullish as long as support 147.28 holds.
The pair is struggling to close above 150 levels; any weekly close above 150 confirms further bullishness. A jump to 151.50/152.70 is possible. On the lower side, near-term support is around 149.45. An indicative break below will drag the pair down to 149/148/147.40. Significant trend reversal only below 144. A violation below will drag the pair to 142.80.
Indicator (Weekly chart)
CAM indicator –Neutral
Directional movement index –Neutral
It is good to buy on dips around 149.40-45 with SL around 148.80 for the TP of 150.70./151.20.