FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157.75

Intraday Support- 155.70

GBPJPY has taken support around 200- H MA and shown a minor pullback. The pound sterling pared most of its gains against the US dollar. Any breach above 1.3600 confirms further bullishness. The UK has reported another 141472 daily cases lower compared to the previous day-case 179756. The intraday trend of GBPJPY is bullish as long as support 155.70 holds. GBPJPY hits an intraday high of 156.38 and is currently trading around 156.80.

 USDJPY- Analysis

The pair showed a profit booking despite surging US Treasury yields.  The intraday bullishness only if it breaks 116.25.

 CCI Analysis-

The CCI (50) holds above zero levels in the 4-hour chart and Woodies CCI below zero line. It confirms neutral trend.

 Technical:

The immediate resistance is around 157.40, any break above targets 157.75/158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 155.70. Any indicative violation below targets 155.25/154.70/154.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to sell on rallies around 156.85-90 with SL around 157.75 for a TP of 154.70.