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Short-term resistance -151.25
Intraday support- 148.90
GBPJPY is trading flat with a bearish bias for the past three days. The Pound sterling showed a minor decline after weak UK economic data. UK GDP came at 0.1% m/m in Oct vs forecast of 0.40%. The Industrial and manufacturing production data of Britain misses estimates. The Brexit uncertainty and fear of corona's new variant are putting pressure on GBP. 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 149.48 yesterday and is currently trading around 150.11.
USDJPY- Analysis
The pair extends to trade sideways for the past two days. Markets eye US CPI data for further direction. Any minor bullishness only if it breaks 114.
CCI Analysis-
The CCI (50) and Woodies CCI hold below zero level in the 4- hour chart. It confirms a major bearish trend.
Technical:
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 149.35/148.90/148/147.25.
Indicator (4-Hour chart)
Directional movement index –Neutral
It is good to sell on rallies around 150.25-30 with SL around 151 for a TP of 148.55.
