FxWirePro- GBPJPY Daily Outlook

Short-term resistance -155.30

Intraday Support- 154

GBPJPY hits two week low on strong yen. The yen gained against all majors on geopolitical tension. Russia has announced military operations against Ukraine have decreased demand for riskier assets. The pound sterling trades below 1.3500 levels as NATO officially announced the Russian invasion of Ukraine. Any breach below 1.34800 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 155.30 holds. GBPJPY hits an intraday low of 154.41 and is currently trading around 154.77.

 USDJPY- Analysis

The pair tumbles below 1115 on an escalation of Russia and Ukraine geopolitical tension. The intraday bearishness if it breaks 114.50

 CCI Analysis-

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

 Technical:

The immediate resistance is around 155.30, any break above targets 156/156.80/157.30. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 154. Any indicative violation below targets 154/152.90/151.95/150.

 Indicator (4-Hour chart)

Directional movement index –Bearish

It is good to sell on rallies around 154.75-80 with SL around 155.35 for a TP of 153.