FxWirePro: GBPJPY Weekly Outlook

Ichimoku Analysis (Weekly Chart)

Tenken-Sen- 141.22

Kijun-Sen- 139.26                            

GBPJPY is trading higher for a sixth consecutive week on the strong Pound sterling. GBPUSD surged past 1.3900 on easing coronavirus lockdown restriction and progress in COVID-19 vaccine. The slight weakness in the yen due to upbeat market sentiment also supporting the pair. The jump in UK GDP also pushing the GBPUSD prices higher.  The UK economy has grown by 1% in Q4 much better than the forecast of 0.5%. USDJPY's intraday trend reversal only above 105.78. 

Technical:

 The pair's significant resistance at 146, any convincing break above targets 146.81/147.95. The decline from 156.60 will get completed at 123.99 once if it breaks 148. On the lower side, near term support is around 145.29/114.77/144.40.Significant trend reversal only below 144. A violation below will drag the pair to 142.80.

Indicator (Weekly chart)

CAM indicator –Bullish l

Directional movement index – Bullish

It is good to buy on dips around 145 with SL around 144 for the TP of 146.81/148.