Major Intraday resistance -153.75
Intraday support- 152.50
GBPJPY is trading in a narrow range between 152.72 and 153.64 for the past three days. The minor strength in the Japanese Yen is preventing the pair from further upside. GBPUSD rebounded from a two-month low despite Brexit woes. The fears of the UK triggering article 16 of Northern Ireland also put pressure on the pound sterling. The overall trend is still bearish as long as resistance 155 holds. It hits a low of 152.69 and is currently trading around 152.81. Markets eye BOE Bailey's speech for further direction.
.
USDJPY- Analysis
The pair is trading weak and hits fresh monthly low on declining US treasury yield. Any breach below 112.50 targets 112/111.
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 153.75, any break above targets 154.55/155. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 152.50. Any indicative violation below targets 152.18/151.60.
Indicator (4-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 153.75-80 with SL around 154.50 for a TP of 151.
