FxWirePro: EUR/JPY slips lower from fresh four-month high, overbought conditions keep scope for pullback
FxWirePro- GBPJPY Daily outlook
Major Intraday resistance -151.75
Intraday support- 150.65
GBPJPY is consolidating after hitting a high of 151.74. The board-based weakness in the Japanese yen supporting the pair at lower levels. The pound sterling declined below 1.3700 against USD on Brexit concerns. GBPJPY hits an intraday high of 151.57 and is currently trading around 151.549. The intraday trend of GBPJPY is bullish as long as support 150.69 holds.
The pair is holding above 110 levels on upbeat market sentiment. It should close above 110.80 for further bullishness.
The CCI (50) is trading above zero lines in 60 min chart. Woodies CCI is not showing a bullish trend. So the trend is not confirmed.
The pair's immediate resistance is around 151.75, any surge above targets 152/153/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.65. Any indicative violation below targets 150/149/148.40/148/147.40.
Indicator (Hourly chart)
Directional movement index –Bullish
It is good to buy on dips around 151.45-50 SL around 150 for a TP of 152.50/153.50.