FxWirePro- GBPJPY Daily Outlook

Major Intraday resistance -154.75

Intraday support- 153.40

GBPJPY jumped more than 150 pips from a low of 152.50 on weak yen. The pound sterling is trading below the 1.3400 level due to board-based US dollar buying, Brexit issues, and a jump in the coronavirus case. Any breach below 1.3350 confirms further bearishness. The intraday trend is bullish as long as support 153.40 holds. It hits an intraday low of 154.21 and is currently trading around 154.14.

 USDJPY- Analysis

The pair has shown a nice pullback and hits the highest level since Nov 2017 supported by a jump in US treasury yields. Any close above 115 confirms a 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 154.25, any break above targets 154.75/155/156. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 153.45. Any indicative violation below targets 152.80/152.50/151.60/150.

 Indicator (4-Hour chart)

Directional movement index –Neutral  

It is good to sell on rallies around 153.95-54 with SL around 154.75 for a TP of 151.