FxWirePro- GBPJPY Daily Outlook

Short-term resistance -154.75

Intraday Support- 152.80

GBPJPY is consolidating in a narrow range after a five-day bullish trend. Markets are quiet in the new year's holiday mood. GBP declined more than 50 pips after hitting a five-week high on renewed Brexit concerns and a rise in omicron cases. Any breach below 1.3380 confirms intraday bearishness. The intraday trend of GBPJPY is bullish as long as support 153.30 holds. GBPJPY hits an intraday high of 154.385 and is currently trading around 154.38.

  USDJPY- Analysis

The pair hits a monthly high of 114.99 on the decrease in demand for safe-haven assets. Any bullish continuation 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.