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Major Intraday resistance -155.75
Intraday support- 154.50
GBPJPY is trading in a narrow range after a minor sell-off. The overall trend is still bearish as long as resistance 156.50 holds. GBPUSD continues to trade weak for the third consecutive day. Any breach below 1.360 confirms further bearishness. Markets eagerly await Bank of England monetary policy and Brexit talks for further direction. It hits a low of 154.66 and is currently trading around 155.10.
USDJPY- Analysis
The pair is witnessing a range-bound trade ahead of Fed monetary policy. Any breach above 114.70 targets 115/115.60.
CCI Analysis-
The CCI (50) and Woodies CCI are holding below zero level in the 4-hour chart. This confirms the weak trend. Bearish trend confirmed.
Technical:
The immediate resistance is around 155.75, any break above targets 156.50/157/157.25/157.66/158/158.25. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 154.50. Any indicative violation below targets 154.12/153.
Indicator (4-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 155.50-55 with SL around 156.50 for a TP of 153.
