FxWirePro- GBPJPY Daily Outlook

Short-term resistance - 157.50

Intraday Support- 156.40

GBPJPY is trading higher for the fifth consecutive week and surged more than 700 pips on board-based yen weakness. The pound sterling is holding above 1.3500 levels as the impact of the new omicron virus will not have much impact on the economy.  UK PM Boris Jhonson said that Britain can ride out omicron without lockdown is supporting GBP at lower levels. Any breach above 1.3550 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 156.40 holds. GBPJPY hits an intraday high of 157.42 and is currently trading around 156.986.

  USDJPY- Analysis

The pair declined slightly after hitting a  five-year high at 116.35 on easing omicron concerns. The intraday bullishness only if it breaks 116.35.

 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 157, any break above targets 158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 156.40.  Any indicative violation below targets 155.80/155/154.80/154/153.30/152.80/152.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to buy on dips around 156.25-30 with SL around 155 for a TP of 158.50.