FxWirePro- GBPJPY Intraday Trade Idea

Ichimoku Analysis (Daily Chart)

Tenken-Sen- 152.11

 Kijun-Sen- 150.97

Previous week high – 153.45

GBPJPY lost more than 250 pips after forming a minor top around 153.29. The pound sterling is trading below 1.3800 levels against the US dollar despite upbeat UK jobs data. The Claimant count rate declined to 5.7% in July from the previous 5.8%. The surge in Japanese yen due to the spread of the delta variant has increased demand for safe-haven assets. The intraday trend of GBPJPY is bearish as long as resistance 151.55 holds.

 Technical:

The pair's immediate resistance is around 151, any jump above targets 151.55/152/152.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.60. Any indicative violation below targets 150/149.

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