FxWirePro- GBPJPY Daily Outlook

FxWirePro- GBPJPY Daily Outlook

Short-term resistance -156.65

Intraday Support- 155.40
 
GBPJPY continues to trade lower on the weak Pound sterling. GBP declined nearly 140 pips from minor top 1.37487 on UK political uncertainty and coronavirus concerns. Markets eye UK CPI data and Bank of England monetary policy for further direction. Any breach below 1.3570 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 156.10 holds. GBPJPY hits an intraday low of 155.40 and is currently trading around 155.4.
 
 USDJPY- Analysis
The pair showed a sell-off on an increase in safe-haven assets. The intraday bearishness only if it breaks 114.    
 
 CCI Analysis-
The CCI (50)  and woodies CCI holds below zero levels in the 4-hour chart. It confirms the weak trend.
 
 Technical:
The immediate resistance is around 156.10, any break above targets 156.65/157.75/158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 155.40. Any indicative violation below targets 154.70/154.
 
 Indicator (4-Hour chart)
 
Directional movement index –Bearish     

It is good to sell on rallies around 155.75-80 with SL around 156.25 for a TP of 154.