Major Intraday resistance -155.95
Intraday support- 154.50
GBPJPY continued to trade for the fifth day and jumped more than 350 pips on board-based Japanese Yen weakness. The pullback in pound sterling due to positive Brexit news and US dollar weakness. GBPJPY hits an intraday high of 155.40 and is currently trading around 155.368.
USDJPY- Analysis
The pair hit a multi-year high and shown minor profit booking. The surging US Treasury yields on hopes of bond-buying tapering is putting pressure on Yen.
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 is holding above 155.30, a jump till 155.96 (June high)/156.10. Significant bullish continuation if it breaks 156.10. On the lower side, near-term support is around 154.40. Any indicative violation below targets 154/153.50/152.80.
Indicator (4-Hour chart)
Directional movement index –Bullish
It is good to buy on dips around 154.50 SL around 153.90 for a TP of 155.95.
