Major Intraday resistance -157.50
Intraday support- 156.40
GBPJPY is a trading firm above 157 level on the strong pound sterling. The Brexit optimism and increased hopes of a rate hike by BOE are pushing GBP higher against USD. Any breach above 1.3800 confirms further bullishness.GBPJPY hits a high of 157.29 and is currently trading around 157.09
USDJPY- Analysis
The pair consolidating after hitting a high of on declining US treasury yield. The intraday support is around 113.80.
CCI Analysis-
The CCI (50) is holding above zero level, but Woodies CCI is below 100 level. It shows that the bullish trend got exhausted.
Technical:
The pair is holding above 157.50, a jump till 160/162. Significant bullish continuation if it breaks 162. On the lower side, near-term support is around 156.40. Any indicative violation below targets 155.75/155.55/155.
Indicator (4-Hour chart)
Directional movement index –Bullish
It is good to buy on dips around 156.40 SL around 155.75 for a TP of 158.
