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 four days. The pair has formed a double bottom around 152.72 and shown a minor pullback. The pound sterling has halted its three days of a bullish trend on Brexit uncertainty. Ireland is making contingency plans for the UK trade war with the EU is putting pressure on GBP at higher levels. The overall trend is still bearish as long as resistance 155 holds. It hits an intraday high of 153.36 and is currently trading around 153.27. Markets eye UK prelim GDP for further direction.
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USDJPY- Analysis
The pair showed a minor pullback and markets eyes US CPI data. 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.
