FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157

Intraday Support- 155.30

GBPJPY continues to trade higher for the third consecutive day and recovered more than 150 pips. The Pound sterling gained above 1.3550 after upbeat UK inflation data.  The UK consumer prices index for 12-month came at 5.5% compared to an estimate of 5.4%.  Any breach above 1.3610 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 155.40 holds. GBPJPY hits an intraday high of 156.864 and is currently trading around 156.858.

 USDJPY- Analysis

The pair recovered after hitting a low of 115.01 on easing geopolitical tension between Russia and Ukraine. The intraday bullishness if it breaks 116.35.

 CCI Analysis-

The CCI (50) and Woodies CCI hold above zero levels in the 1 -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 156. Any indicative violation below targets 155.30/155/154/153/151.95/150.

 Indicator (1-Hour chart)

Directional movement index –Bullish

It is good to buy on dips around 156.65-70 with SL around 156 for a TP of 158.40.