FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157

Intraday Support- 155

GBPJPY is trading higher and jumped more than 150 pips on hawkish Bank of England monetary policy. The central bank has hiked rates by 25bpbs for the second consecutive time to contain soaring inflation. The pound sterling is holding above 1.36000. Any breach above 1.3630 will take the pair to the next level 1.3700. The intraday trend of GBPJPY is bullish as long as support 155 holds. GBPJPY hits an intraday high of 156.495 and is currently trading around 156.298.

 USDJPY- Analysis

The pair is consolidating after five days of weakness. The intraday bullishness 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 157, any break above targets 157.75/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 155.50. Any indicative violation below targets 155/154/153/151.95/150.

 Indicator (4-Hour chart)

Directional movement index –Bullish

It is good to buy on dips around 156 with SL around 155 for a TP of 158.50.