FxWirePro- GBPJPY Daily Outlook

Short-term resistance -155.25

Intraday Support- 154

GBPJPY continues to trade higher for fifth consecutive days and surged more than 200 pips on yen weakness.  The pound sterling regained above 1.3400 after hitting a five-week low against the US dollar despite UK political and Brexit concerns. Any breach above 1.3435 will take the pair to the next level  1.3500. The intraday trend of GBPJPY is bullish as long as support 154 holds. GBPJPY hits an intraday high of 155.07 and is currently trading around 155.03.

 USDJPY- Analysis

The pair gained sharply on a surge in US treasury yield.  The intraday bullishness can be seen if it breaks 115.70.

 CCI Analysis-

The CCI (50) and Woodies CCI hold above zero levels in the 4 -hour chart. It confirms the bullish trend.

 Technical:

The immediate resistance is around 155.25, any break above targets 155.70/156.10/157. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 154.60. Any indicative violation below targets 154/153/151.95/150.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to buy on dips around 154.65-70 with SL around 154 for a TP of 157.