FxWirePro: GBPJPY Daily outlook
Major Intraday resistance -158.30
Intraday support- 157.40
GBPJPY is a trading firm for the past three weeks and surged more than 800 pips on the strong Pound sterling. GBP has lost more than 20 pips after weak UK CPI. The annual inflation came at 3.1% compared to a forecast of 3.1%. Any breach above 1.3840 confirms further bullishness.GBPJPY hits an intraday low of 157.47 and is currently trading around 157.49.
The pair declines more than 30 pips after hitting a multi-year high of 114.69. 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 immediate resistance is around 158.25, any break above targets 160/162. Significant bullish continuation if it breaks 162. On the lower side, near-term support is around 157.40. Any indicative violation below targets 157/156.40/156.
Indicator (1-Hour chart)
Directional movement index –Neutral
It is good to sell on rallies around 158 with SL around 158.50 for a TP of 156.