Short-term resistance - 161
Intraday Support- 159
GBPJPY was one of the best performers this week and surged more than 400 pips on weak yen. The pound sterling regains 1.3200 and markets eye UK retail sales for further direction. Any breach above 1.3300 confirms further bullishness. The intraday trend of GBPJPY is bullish as long as support 159 holds. GBPJPY hits an intraday high of 161.49 and is currently trading around 160.54.
USDJPY- Analysis
The pair declined from a seven-year high of 122.43 on profit booking. A dip 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 161, any break above targets 163.80/165. On the lower side, near-term support is at 158.70. Any indicative violation below targets 158/157.75.
It is good to buy on dips around 160.55-60 with SL around 159.80 for a TP of 164.
