FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157

Intraday Support- 156

GBPJPY is trading weak for the second consecutive days and lost more than 200 pips.  The pound sterling continues to consolidate between 1.35483 and 1.35275 for the past two days against the US dollar on Brexit fears and risk-aversion.  Any breach below 1.3490 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 158.50 holds. GBPJPY hits a low of 156.03 and is currently trading around 156.137.

 USDJPY- Analysis

The pair continues to trade higher despite geopolitical tension. The intraday bullishness if it breaks 115.70.

 CCI Analysis-

The CCI (50) and Woodies CCI hold below zero levels in the 4 -hour chart. It confirms the bearish 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 (8-Hour chart)

Directional movement index –Neutral

It is good to sell on rallies around 156.55-60 with SL around 157.50 for a TP of 154.