Major Intraday resistance -152.60
Intraday support- 150.80
GBPJPY recovered once again after a minor decline below the 151 level. The pullback in Pound sterling against US dollar on improving market sentiment. The progress towards U.S debt resolution is pushing GBPUSD higher. The HIS Markit UK construction Purchase Managers Index (PMI) declined to 52.6 in Sep compared to a forecast of 53.90.GBPJPY hits an intraday high of 151.55 and is currently trading around 151.254.
USDJPY- Analysis
The pair has paired most of its gains despite declining US treasury yield. Any breach below 110.80 confirms intraday bearishness.
CCI Analysis-
The CCI (50) and Woodies CCI are not showing a bullish trend.
Technical:
The pair's immediate resistance is around 151.60, any surge above targets 152/152.60/153/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 150.80. Any indicative violation below targets 150/149.20.
Indicator (Hourly chart)
Directional movement index –Bearish
It is good to buy on dips around 151 SL around 150.50 for a TP of 152.58.
