Major Intraday resistance -150.85
Intraday support- 149
GBPJPY is trading in a narrow range with a bearish bias. The minor weakness in the Japanese Yen is supporting the pair at lower levels. The pound sterling declined below 1.3000 after a minor pullback to 1.333 levels. The Brexit uncertainty and increase in the number of cases in the UK are putting pressure on the Pound sterling. Any breach below 1.3250 confirms intraday bearishness. The intraday trend of GBPJPY is bearish as long as resistance 152 holds. It hits a high of 150.79 at the time of writing and is currently trading around 150.56.
USDJPY- Analysis
The pair pared some of its loss made yesterday despite weak US treasury yield. Any jump above 114 confirms a bullish 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 150.85, any break above targets 151.60/152/152.50/153/153.45. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 150. Any indicative violation below targets 149.40/149/148.
Indicator (4-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 150.75-80 with SL around 151.50 for a TP of 148.
