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Short-term resistance -156.60
Intraday Support- 154.80
GBPJPY was one of the best performers the previous month and surged more than 500 pips on board-based Yen weakness. GBP showed a minor dip after hitting a six-week high against USD on Brexit pessimism and Omicron virus concerns. Any breach above 1.3550 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 154.80 holds. GBPJPY hits an intraday high of 155.77 and is currently trading around 155.73.
USDJPY- Analysis
The pair holds above 115 levels on an upbeat market mood. The intraday bullishness only if it breaks 115.50.
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 156, any break above targets 156.70/158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 154.80. Any indicative violation below targets 154/153.30/152.80/152.
Indicator (4-Hour chart)
Directional movement index –Neutral
It is good to buy on dips around 155 with SL around 154 for a TP of 158.
