FxWirePro- GBPJPY Intraday Trade Idea

Ichimoku Analysis (Daily Chart)

Tenken-Sen- 152.24

 Kijun-Sen- 150.97

Previous week high – 153.45

GBPJPY is trading weak for the past three days and lost more than 150 pips on strong yen. The spread of Delta variant coronavirus and weak Chinese economic data has increased demand for safe-haven assets like the yen. The slight pullback in pound sterling due to board-based US dollar weakness is preventing the pair from further sell-off. The intraday trend of GBPJPY is bearish as long as resistance 152.25 holds.

 Technical:

The pair's immediate resistance is around 152.25, any jump above targets  152.80/153/153.30/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 151.48. Any indicative violation below targets 151/150.65/150.

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

 Indicator (Daily chart)

 CAM indicator-Bearish

Directional movement index –Bearish

It is good to sell on rallies around 151.95-152 with SL around 152.80 for a TP of 150.65.