FxWirePro- GBPJPY Daily Outlook

Short-term resistance -155.70

Intraday Support- 154.40

GBPJPY continues to trade lower on weak UK retail sales. It has slumped by 3.7% in December much below the estimate of -0.6%. The Pound sterling declined after a minor pullback to 1.36014. Any breach below 1.3570 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 155.40 holds. GBPJPY hits an intraday low of 154.57 and is currently trading around 155.57.

 USDJPY- Analysis

The pair hits fresh weekly low on declining yields. The intraday bearishness only if it breaks 113.45.

 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 155, any break above targets 155.40/156/156.65/157.75/158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 154.40. Any indicative violation below targets 154.10/153.

 Indicator (4-Hour chart)

Directional movement index –Bearish     

It is good to sell on rallies around 155 with SL around 155.45 for a TP of 153.