FxWirePro- GBPJPY Daily outlook
Major Intraday resistance -150.52
Intraday support- 149
GBPJPY has recovered more than 100 pips on board-based Japanese yen weakness. The pair has broken significant resistance 150.13 made on Sep 21st, 2021, and holding above 150 level. It hits an intraday high of 150.175 and is currently trading around 150.163. The intraday trend of GBPJPY is bullish as long as support 149.69 holds.
The pair formed double bottom around 109.12 and surged more than 80 pips on US dollar strength. The intraday trend is bearish as long as resistance 110.80 holds.
Both CCI (50) and Woodies CCI is above zero lines in 60 min. In Woodies CCI 6consecuitve bars above zero. So bullish trend confirmed.
The pair's immediate resistance is around 150.50, any surge above targets 151/151.30/152. Significant bullish continuation if it breaks 153.50. On the lower side, near-term support is around 149.70. Any indicative violation below targets 148.40/148/147.40.
Indicator (Hourly chart)
Directional movement index –Bullish
It is good to buy on dips around 150 with SL around 149.60 for a TP of 152.