Major Intraday resistance -153.80
Intraday support- 152.50
GBPJPY showed a minor pullback of more than 100 pips from a low of 152.52. The weakness in pound sterling against US dollar on Brexit worries and board-based US dollar buying. The renewed coronavirus cases in Europe are also putting pressure on the Pound sterling. GBPUSD is holding below 1.3450 levels. Any breach above 1.3400 confirms further bearishness. The intraday trend is bearish as long as resistance 153.85 holds. It hits an intraday low of 153.12 and is currently trading around 153.27.
USDJPY- Analysis
The pair recovered from the low of 113.58 supported by a jump in US treasury yields. Any violation above 115 confirms bullish continuation.
CCI Analysis-
The CCI (50) and Woodies CCI are holding above zero level in the 4-hour chart. It confirms a minor bullish trend.
Technical:
The immediate resistance is around 153.75, any break above targets 154.50/155/156. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 152.50 Any indicative violation below targets 152.18/151.60/150.
Indicator (1-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 153.45-50 with SL around 154 for a TP of 151.
