Short-term resistance -154.75
Intraday Support- 152.80
GBPJPY surged more than 100 pips yesterday on the strong pound sterling. GBP hits a five-week high on board-based US dollar weakness. The decrease in the number of hospitalization cases due to omicron in the UK is supporting Pound sterling at lower levels. The cable is holding above 200-W EMA, a jump till 1.3520 is possible. The intraday trend of GBPJPY is bullish as long as support 153.30 holds. GBPJPY hits an intraday low of 154.23 and is currently trading around 154.29.
USDJPY- Analysis
The pair holds above 114.50 levels on the decrease in demand for safe-haven assets. Any intraday bullishness only if it breaks 115.
CCI Analysis-
The CCI (50) and Woodies CCI hold above zero levels in the 4- hour chart. It confirms an intraday bullish trend.
Technical:
The immediate resistance is around 154.75, any break above targets 155.50/156/156.70. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 153.75. Any indicative violation below targets 153.30/152.80/152.
Indicator (4-Hour chart)
Directional movement index –Bullish
It is good to buy on dips around 154 with SL around 153.30 for a TP of 155.75.
