FxWirePro: GBPJPY Daily outlook

Major Intraday resistance -157.25

Intraday support- 155.80

GBPJPY has lost after hitting a multi-month high of 158.21 level. The minor weakness in pound sterling despite Brexit optimism is putting pressure on this pair at higher levels.GBPUSD is holding below 1.3800 level, Any breach below 1.3750 confirms further bearishness.GBPJPY hits an intraday high of 156.82 and is currently trading around 156.709.

USDJPY- Analysis

The pair declines for the third consecutive day and holds above 113 levels. Any breach below 113 confirms further weakness.

CCI Analysis-

The CCI (50) and Woodies CCI is holding below zero level in the 4-hour chart. It shows that the bearish trend has started bullish trend got exhausted.

Technical:

The immediate resistance is around 157.20, any break above targets 157.66/158/158.25. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 156.80. Any indicative violation below targets 156.10/155.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to sell on rallies around 157.35-40 with SL around 158 for a TP of 156.