FxWirePro- GBPJPY Weekly Outlook
Short-term resistance -150.85
Intraday support- 149
GBPJPY continues to trade weak for the past seven weeks on the weak Pound sterling. GBPUSD was one of the worst performers the previous week on Brexit uncertainties and hawkish Fed Chairman comments. Any breach below 1.3180 confirms bearish continuation. The intraday trend of GBPJPY is bearish as long as resistance 150.80 holds. It hits an intraday high of 149.67 and is currently trading around 149.609.
The pair pared some of its loss made the previous week on improvement in risk sentiment. Any weakness only if it breaks 112.50.
The CCI (50) and Woodies CCI are holding below zero level in the 4- hour chart. It confirms a major bearish trend.
The immediate resistance is around 150, any break above targets 150.80/151.50/152/152.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 148.90. Any indicative violation below targets 148/147.25.
Indicator (Weekly chart)
Directional movement index –Bearish
It is good to sell on rallies around 150.75-80 with SL around 152 for a TP of 148.