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FxWirePro: GBPJPY Daily outlook
Major Intraday resistance -157.25
Intraday support- 155.80
GBPJPY has shown a minor pullback from a low of 156.16. The intraday trend of the pair is still neutral as long as support 155.80 holds. The pound sterling rebounded on Monday, markets eye Brexit talks in London for further direction. Any breach below 1.3730 confirms further bearishness.GBPJPY hits an intraday high of 156.93 and is currently trading around 156.859.
The pair bounced back above 114 levels after a minor sell-off. Any jump above 114.69 will pave way for 2017 high.
The CCI (50) and Woodies CCI is holding below zero level in the 1-hour chart. It shows that the temporary weakness has halted.
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 (1-Hour chart)
Directional movement index –Bullish
It is good to sell on rallies around 157.35-40 with SL around 158 for a TP of 156.