Short-term resistance -157
Intraday Support- 155
GBPJPY gained more than 100 pips after hitting a low of 155.13. The minor weakness in Pound sterling against US dollar after upbeat US Nonfarm payroll. Any breach below 1.34800 confirms further bearishness. The intraday trend of GBPJPY is bullish as long as support 155 holds. GBPJPY hits a high of 156.25 at the time of writing and is currently trading around 156.131.
USDJPY- Analysis
The pair gained above 115.50 on surging US Treasury yields. 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 156.55, any break above targets 157/157.75/158.50. 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 –Neutral
It is good to buy on dips around 156 with SL around 155 for a TP of 158.50.
