FxWirePro- GBPJPY Daily Outlook

Short-term resistance -156.60

Intraday Support- 154.80

GBPJPY has shown a nice pullback of more than 100 pips from a low of 154.89. The weak yen is preventing the pair from declining. The pound sterling recovered today against the USD. 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 156.17 and is currently trading around 156.16.

  USDJPY- Analysis

The pair hits a five-year high on surging US treasury yield.  The intraday bullishness only if it breaks 116.

 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 156.55 any break above targets 157.25/158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 155.70. Any indicative violation below targets 154.80/154/153.30/152.80/152.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to buy on dips around 155.70-75 with SL around 154.80 for a TP of 158.