FxWirePro- GBPJPY Intraday Trade Idea

Ichimoku Analysis (1-Hour Chart)

Tenken-Sen- 153.03

 Kijun-Sen- 153.033

Previous week high – 153.45

GBPJPY is trading higher and holding above 153 levels on board-based Japanese yen. The weakness in the Pound sterling is putting pressure on the pair at higher levels. The renewed Brexit tension and jump in corona death cases are dragging the GBP further down. GBPUSD holding below 1.3850 levels, any breach below 1.3835 confirms further bearishness. USDJPY hits a multi-month high on surge in US treasury yields. The intraday trend of GBPJPY is still bullish as long as support 152 holds.

 Technical:

The pair's immediate resistance is around 152.90, any jump above targets 153.50/154/155.05/156. Significant bullish continuation if it breaks 156.60. On the lower side, near-term support is around 152.49. Any indicative violation below targets 152/151.54/151.

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

 Indicator (4-Hour chart)

 CAM indicator-Bullish

Directional movement index –Bullish

It is good to buy on dips around 152.90-95 with SL around 150.70 for a TP of 1153.25/153.50.