FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157.20

Intraday Support- 156

GBPJPY formed double bottom around 156 and showed a minor pullback. The Pound sterling regained above 1.36000 in hopes of Russian diplomacy. Markets eagerly await the Biden-Putin meeting, provided Russia does not invade Ukraine. 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 156.706 and is currently trading around 156.677.

 USDJPY- Analysis

The pair is under 115 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.