Short-term resistance -152
Intraday Support- 151
GBPJPY continues to trade lower for the past three days and lost more than 300 pips on the weak Pound sterling. It hits a fresh 2022 low against the USD as geopolitical tension increased demand for safe-haven assets like the US dollar. The intraday trend of GBPJPY is bearish as long as resistance 152 holds. GBPJPY hits an intraday low of 151.46 and is currently trading around 151.56.
USDJPY- Analysis
The pair regained above 115 on rising US treasury yield. The bullish trend continuation if it breaks 116.35.
CCI Analysis-
The CCI (50) and Woodies CCI below zero level in Woodies CCI in the 4 -hour chart. It confirms the bearish trend.
Technical:
The immediate resistance is around 152, any break above targets 152.25/152.75/153.35/154. Significant bullish continuation if it breaks 155.30. On the lower side, near-term support is at 151. Any indicative violation below targets 150/149.
Indicator (4-hour chart)
Directional movement index –Bearish
It is good to buy on dips around round 152 with SL around 152.75 for a TP of 150.
