FxWirePro- GBPJPY Daily Outlook

Short-term resistance -158.25

Intraday Support- 156.80

GBPJPY showed a massive follow-through buying yesterday on the weak Yen. The pair was one the best performers in the past 10 days. The pound sterling declined against the US dollar after Fed hints at six rate hikes in 2022. Any breach below 1.3000 confirms further bearishness. The intraday trend of GBPJPY is bullish as long as support 155 holds. GBPJPY hits an intraday high of 156.99 and is currently trading around 156.85.

 USDJPY- Analysis

The pair trades near a six-year high on surging US treasury yield. A jump to 121 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 158.25, any break above targets 160/163.80. Significant bullish continuation if it breaks 158.25. A jump to 160 is possible. On the lower side, near-term support is at 157.25. Any indicative violation below targets 156/155.

It is good to buy on dips around 157.35-40 with SL around 156.70 for a TP of 159.80.