FxWirePro- GBPJPY Daily Outlook

Short-term resistance -156.40

Intraday Support- 155

GBPJPY trading lower for third consecutive days on surging Yen.  The escalation of tension between Russia and Ukraine has increased demand for safe-haven assets like yen, gold. . Russia recognized the independence of separatist regions of Donetsk and Lungask. The minor weakness in the Pound sterling also puts pressure on the pair at higher levels. Any breach below 1.3570 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 157.20 holds. GBPJPY hits an intraday low of 155.50 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.

 CCI Analysis-

The CCI (50) and Woodies CCI hold above zero levels in the 4 -hour chart. It confirms the bearish trend.

 Technical:

The immediate resistance is around 156.40, any break above targets 157/157.40/157.75/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 155. Any indicative violation below targets 154/153/151.95/150.

 Indicator (4-Hour chart)

Directional movement index –Bearish

It is good to sell on rallies around 156.15-20 with SL around 157.20 for a TP of 153.