FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157.20

Intraday Support- 155.30

GBPJPY showed a sell-off after hitting a high of 156.99 at the time of writing. The decline was mainly due to Russia and Ukraine tension having increased demand for safe-haven demand assets like yen. The Pound sterling gained above 1.3600 despite weak market sentiment.  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 156.85 and is currently trading around 156.773.

 USDJPY- Analysis

The pair lost more than 50 pips from a high of 115.87 on geopolitical tension. The intraday bearishness if it breaks 115.

 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 157.20, 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 –Bearish

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