FxWirePro- GBPJPY Daily Outlook
Short-term resistance -157
Intraday Support- 155.40
GBPJPY has formed a double bottom around 155.40 and shown a minor pullback. The Pound sterling regained after upbeat UK inflation data. The yearly CPI data climbed to 5.4% in December compared to an estimate of 5.1%. 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.
The pair showed renewed buying interest on the surge in US treasury yields. The intraday bearishness only if it breaks 114.
The CCI (50) and woodies CCI holds below zero levels in the 4-hour chart. It confirms the weak trend.
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 156.15-20 with SL around 157 for a TP of 154.