Short-term resistance - 164
Intraday Support- 159.85
GBPJPY halted its three weeks of the bearish trend and lost more than 300 pips yesterday. The pair was one of the best performers this month and surged more than 800 pips on a weak yen. The pound sterling is under pressure amid risk sentiment improvement. Any breach below 1.3000 confirms further bearishness. The intraday trend of GBPJPY is bearish as long as resistance 164.80 holds. GBPJPY hits an intraday low of 161.21 and is currently trading around 161.694.
USDJPY- Analysis
The pair declined on profit booking despite surging US bond yields. 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 neutral trend. It confirms the short-term trend is neutral.
Technical:
The immediate resistance is around 162, any break above targets 163.80/165. On the lower side, near-term support is at 161.20. Any indicative violation below targets 159.80/159.20/158.
It is good to sell on rallies around 162 with SL around 163 for a TP of 158.
