FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157

Intraday Support- 155.30

GBPJPY took support near 200-4H EMA and showed a minor pullback from a 1-week low. The pound sterling regained above 1.35000 after UK jobs data. In January jobless claims change came at -31.9k vs. a forecast of -43.3k.  Any breach below 1.3490 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 158.50 holds. GBPJPY hits an intraday high of  156.71 and is currently trading around 156.548.

 USDJPY- Analysis

The pair recovered after hitting a low of 115.01 despite geopolitical tension between Russia and Ukraine. 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 156. Any indicative violation below targets 155.30/155/154/153/151.95/150.

 Indicator (4-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.