FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157.25
Intraday Support- 156
 
GBPJPY has shown a minor profit-booking after a jump of more than 600 pips. The weakness in the pound sterling is putting pressure on the pair at higher levels.GBP lost nearly 100 pips after hitting a high of 1.35987 on the rise in new coronavirus cases. The UK has reported 194747 daily cases slightly compared to previous day-case 218000. Any breach above 1.3600 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 154.80 holds. GBPJPY hits an intraday low of 156.29 and is currently trading around 156.33.

  USDJPY- Analysis
The pair showed a profit booking despite surging US Treasury yields.  The intraday bullishness only if it breaks 116.25.

 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 157.25 any break above targets 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 sell on rallies around 156.35-40 with SL around 157.25 for a TP of 153.