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Major Intraday resistance -152.50
Intraday support- 150.70
GBPJPY was one of the worst performers on Friday and lost more than 250 pips on a strong Yen. The safe-haven assets surged sharply as investors lost confidence in the new corona variant. The Japanese Yen and Swiss franc after WHO warned am increased risk of reinfection. The weakness in pound sterling against US dollar on Brexit woes and coronavirus uncertainties. Any close below 1.3300 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 152.60 holds. It hits an intraday low of 150.74 and is currently trading around 151.16.
USDJPY- Analysis
The pair hits one week low on declining US treasury yields and safe-haven demand. Any breach above 112.70 confirms a bearish continuation.
CCI Analysis-
The CCI (50) and Woodies CCI are holding below zero level in the 4- hour chart. It confirms a major bearish trend.
Technical:
The immediate resistance is around 152.50, any break above targets 153/153.45/154/154.75. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 150.70. Any indicative violation below targets 150/149/148.
Indicator (4-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 151.55-60 with SL around 152.55 for a TP of 149.
