FxWirePro- GBPJPY Daily Outlook
Short-term resistance -151.25
Intraday support- 149.70
GBPJPY recovered more than 200 pips on weak Yen. The pullback in pound sterling on board-based US dollar weakness also supports the pair at lower levels. The easing concerns of the omicron virus and Brexit optimism are pushing the Pound sterling higher. Any breach above 1.3370 confirms intraday bullishness. The intraday trend of GBPJPY is bullish as long as support 149.70 holds. It hits a high of 151.12 at the time of writing and is currently trading around 151.03.
The pair pared some of its loss made the previous week despite a jump in US treasury yields. Any minor bullishness only if it breaks 114.
The CCI (50) and Woodies CCI hold below zero level in the 4- hour chart. It confirms a major bearish trend.
The immediate resistance is around 151.25, any break above targets 152/152.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 150.35. Any indicative violation below targets 149.70/148.90/148/147.25.
Indicator (Weekly chart)
Directional movement index –Bearish
It is good to buy on dips around 150.85-90 with SL around 150.25 for a TP of 152.50