Short-term resistance -157.75
Intraday Support- 156.75
GBPJPY is trading higher for a fifth consecutive week and surged more than 800 pips. The bullish trend in the pound sterling supports the pair at lower levels. GBP recovered more than 100 pips against USD on upbeat market sentiment. The jump in the number of coronaviruses in the UK and Brexit uncertainty put pressure on the Pound sterling. Any breach above 1.3600 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 156 holds. GBPJPY hits an intraday low of 157.37 and is currently trading around 157.28.
USDJPY- Analysis
The pair showed a profit booking on weak US jobs data. The intraday bullishness only if it breaks 116.50.
CCI Analysis-
The CCI (50) and Woodies CCI hold above zero levels in the 4-hour chart. It confirms an intraday bearish trend.
Technical:
The immediate resistance is around 157.75 any break above targets 158.50/160. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 156.80. Any indicative violation below targets 156/ 155.70/155.25/154.70/154.
Indicator (4-Hour chart)
Directional movement index –Neutral
It is good to buy on dips around 157 with SL around 156 for a TP of 159.
