FxWirePro: GBPJPY Daily outlook
Major Intraday resistance -157.50
Intraday support- 156.40
GBPJPY is a trading firm above 157 level on the strong pound sterling. The Brexit optimism and increased hopes of a rate hike by BOE are pushing GBP higher against USD. Any breach above 1.3800 confirms further bullishness.GBPJPY hits a high of 157.29 and is currently trading around 157.09
The pair consolidating after hitting a high of on declining US treasury yield. The intraday support is around 113.80.
The CCI (50) is holding above zero level, but Woodies CCI is below 100 level. It shows that the bullish trend got exhausted.
The pair is holding above 157.50, a jump till 160/162. Significant bullish continuation if it breaks 162. On the lower side, near-term support is around 156.40. Any indicative violation below targets 155.75/155.55/155.
Indicator (4-Hour chart)
Directional movement index –Bullish
It is good to buy on dips around 156.40 SL around 155.75 for a TP of 158.