Short-term resistance -150.75
Intraday support- 150.80
GBPJPY lost more than 250 pips on the weak pound sterling. GBPUSD showed a minor pullback to 1.3370 after a rate hike by the Bank of England. The board-based US dollar buying is putting pressure on Cable at higher levels. Any breach above 1.3380 confirms intraday bullishness. The intraday trend of GBPJPY is bearish as long as resistance 150.75 holds. GBPJPY hits an intraday low of 149.65 and is currently trading around 149.874.
USDJPY- Analysis
The pair continues to trade lower on declining US treasury yields. Any intraday bearishness only if it breaks 113.
CCI Analysis-
The CCI (50) and Woodies CCI hold below zero level in the 4- hour chart. It confirms an intraday bearish trend.
Technical:
The immediate resistance is around 150.40, any break above targets 150.75/151.25/152/152.60/153/153.52. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 149.60. Any indicative violation below targets 149.35/148.90/148.
Indicator (4-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 150.25-30 with SL around 151 for a TP of 148.
