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Short-term resistance -157.20
Intraday Support- 156
GBPJPY is consolidating in a narrow range between 157.11 and 156.05 for the past two days. The pair regained more than 50 pips in hopes of a diplomatic agreement between Russia and Ukraine. Markets eye Blinken and Lavrov meeting next week for further direction. The Pound sterling is holding above 1.3600 on upbeat UK retail sales. It came at 1.9% MoM in January vs. a forecast of 1.0%. Any breach above 1.3640 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 156 holds. GBPJPY hits an intraday high of 156.85 and is currently trading around 156.807.
USDJPY- Analysis
The pair is under selling pressure due to ongoing geopolitical uncertainty. The intraday bearishness if it breaks 114.80.
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.
