FxWirePro- GBPJPY Daily Outlook

Short-term resistance -156.80

Intraday Support- 155

GBPJPY tested its support level and showed a nice pullback. The surge in Pound sterling and weak yen supports the price at lower levels. The Bank of England raised rates by 25 bpbs for a third consecutive month. Any breach above 1.3200 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 155 holds. GBPJPY hits an intraday high of 156.55 and is currently trading around 156.353.

 USDJPY- Analysis

The pair trades above 118.50 and hits the highest level since Jan 2017 on surging US Treasury yields. A jump to 120 is possible.

 CCI Analysis-

The CCI (50) is above zero level in the 4-hour chart.  The directional movement index shows a bullish trend. It confirms the short-term trend is bullish.

 Technical:

The immediate resistance is around 156.80, any break above targets 157.75/158.20. Significant bullish continuation if it breaks 158.20. A jump to 160 is possible. On the lower side, near-term support is at 155. Any indicative violation below targets 154.20/153.50.

It is good to buy on dips around 156 with SL around 155 for a TP of 157.75/158.20.