FxWirePro- GBPJPY Daily Outlook

Major Intraday resistance -156.50.

Intraday support- 155

GBPJPY continues to trade lower for the past five days' session on the weak Pound sterling. GBPUSD is hovering near the 1.3650 level despite Brexit optimism. Markets eagerly await Bank of England monetary policy on Thursday for further direction. It hits a high of 155.01 and is currently trading around 155.18.

According to the CME BOE watch tool, there is a 100% probability of a rate hike. The intraday trend of the pair is still bearish as long as resistance 157 holds.

USDJPY- Analysis

The pair declined once again after a minor pullback above 114.44. Any breach below 113 will take the pair to 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 155.75, any break above targets 156.50/157/157.25/157.66/158/158.25. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 155. Any indicative violation below targets 154.12/153.

 Indicator (4-Hour chart)

Directional movement index –Bearish

It is good to sell on rallies around 155.50-55 with SL around 156.50 for a TP of 153.