FxWirePro- GBPJPY Daily Outlook

Short-term resistance - 164

Intraday Support- 159.85

GBPJPY continues to trade higher for a third consecutive week and surged nearly 1000 pips on weak yen. The weakness in the pound sterling against the US dollar is putting pressure on the pair at higher levels.  It trades below 1.3150 and markets eye BOE Bailey's speech for further direction. The intraday trend of GBPJPY is bullish as long as support 159.85 holds. GBPJPY hits an intraday high of 162 and is currently trading around 161.80.

 USDJPY- Analysis

The pair jumped to the highest level in six years on surging US bond yields. A jump to 125 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 162, any break above targets 163.80/165. On the lower side, near-term support is at 159.85. Any indicative violation below targets 158/157.75.

It is good to buy on dips around 160 with SL around 158.50 for a TP of 164.