FxWirePro- GBPJPY Daily Outlook
Short-term resistance -151.25
Intraday support- 149.70
GBPJPY continues to trade weak on the declining pound sterling. The Brexit uncertainty and increase in coronavirus cases in the UK are putting pressure on the Pound sterling. UK recorded more than 51000 new COVID cases and 161 deaths due to corona. Any breach below 1.3180 confirms intraday bearishness. The intraday trend of GBPJPY is bearish as long as resistance 151.15 holds. It hits a low of 149.81 at the time of writing and is currently trading around 149.817.
The pair pared some of its gains made yesterday on weak 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 150.50, any break above targets 151.20/152/152.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 149.70. Any indicative violation below targets 148.90/148/147.25.
Indicator (4-Hour chart)
Directional movement index –Bearish
It is good to sell on rallies around 150.25-30.85-90 with SL around 151 for a TP of 148.55.