Major Intraday resistance -154.25
Intraday support- 153.40
GBPJPY is trading higher for the second consecutive week and surged more than 350 pips on board based on Japanese yen weakness. The Pound sterling is holding above 1.3650 level after hawkish Bank of England. GBPJPY hits an intraday high of 154.09 and is currently trading around 154.05.
USDJPY- Analysis
The pair hits a 3-year high amid surging US bond yields. Any breach above 112.80 confirms bullish continuation.
CCI Analysis-
The CCI (50) and Woodies CCI are showing a bullish trend. In Woodies CCI six consecutive bars above zero (bullish trend).
Technical:
The pair's immediate resistance is around 154.25, any surge above targets 155/155.60. Significant bullish continuation if it breaks 154.25. On the lower side, near-term support is around 153.40. Any indicative violation below targets 153/152.50/152.
Indicator (4-Hour chart)
Directional movement index –Bullish
It is good to buy on dips around 153.55-60 SL around 152.80 for a TP of 155.60.
