Major Intraday resistance -157.25
Intraday support- 155.70
GBPJPY recovered from a low of 155.98 made yesterday on the strong Pound sterling. It hits a high of 156.95 and is currently trading around 156.682.
The pound sterling is trading higher for second consecutive days and hovering near 1.38000 levels on board-based US dollar selling. The Brexit pessimism is preventing GBP from further upside. The intraday trend of the pair is still neutral as long as resistance 157 holds.
USDJPY- Analysis
The pair declined after weak US GDP data. Any breach below 113 will take you to the next level 112.38.
CCI Analysis-
The CCI (50) are holding below zero level in the 4-hour chart. The Woodies CCI holds above zero level. Trend not yet confirmed.
Technical:
The immediate resistance is around 157, any break above targets 157.25/157.66/158/158.25. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 156.35. Any indicative violation below targets 155.70/155/154.12.
Indicator (4-Hour chart)
Directional movement index –Neutral
It is good to sell on rallies around 156.95-57 with SL around 157.50 for a TP of 155.90.
