Major Intraday resistance -150.20
Intraday support- 149.50
GBPJPY has formed a double bottom around 149.17 and shown a nice pullback. It hits an intraday high of 150.11 and is currently trading around 150.05. The intraday trend of GBPJPY is bullish as long as resistance 149.15 holds.
USDJPY- Analysis
The pair is still trading below 110 levels on risk aversion. The overall trend is bearish as long as resistance 110.80 holds.
CCI Analysis-
Both CCI (50) and Woodies CCI is above the zero lines. In Woodies CCI six consecutive bars above zero confirms intraday bullishness.
Technical:
The pair's immediate resistance is around 150.20, any surge above targets 150.80/151.30/152/152.85/153.50. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 149.80. Any indicative violation below targets 149.40/149.15/149.
Indicator (1-Hour chart)
Directional movement index –Neutral
It is good to buy on dips around 149.95-150 with SL around 149.40 for a TP of 150.80.
