FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPJPY and EURJPY) for the day
FxWirePro- GBPJPY Daily Outlook
Short-term resistance -154.75
Intraday Support- 152.85
GBPJPY showing a minor weakness after a minor pullback to 154.73. The pound sterling declined against the USD after the hawkish Fed monetary policy. Any breach below 1.33800 will drag the pair to the next level 1.3300. The intraday trend of GBPJPY is bearish as long as resistance 155 holds. GBPJPY hits an intraday low of 153.91 and is currently trading around 153.91.
The pair gained sharply on board-based US dollar buying. The intraday bearishness only if it breaks 114.
The CCI (50) holds above zero levels and Woodies CCI below zero in the 4-hour chart. It confirms the bearish trend.
The immediate resistance is around 154.20, any break above targets 154.75/155.25/156.10. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 152.85. Any indicative violation below targets 151.95/150.
Indicator (4-Hour chart)
Directional movement index –Neutral
It is good to sell on rallies around 153.55-60 with SL around 154.50 for a TP of 151.90.