FxWirePro- GBPJPY Daily Outlook

Major Intraday resistance -157.25

Intraday support- 155.80

GBPJPY has traded in a narrow range between 158.21 and 155.92 for the past four days.  The pound sterling retreated against the USD after hitting a high of 1.38293 yesterday. Any breach below 1.3730 confirms further bearishness. Markets eye UK Brexit and UK budget for further direction. The intraday trend of the pair is still neutral as long as support 155.80 holds. GBPJPY hits an intraday high of 157.13 and is currently trading around 156.88.

USDJPY- Analysis

The pair showed a minor sell-off on declining US treasury yield. Any jump above 114.69 will pave way for 2017 high.

CCI Analysis-

The Woodies CCI is holding below zero level in the 1-hour chart. But CCI (50) is still above the zero line.

Technical:

The immediate resistance is around 157.20, any break above targets 157.66/158/158.25. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 156.50. Any indicative violation below targets 156.10/155.

 Indicator (1-Hour chart)

Directional movement index –Bearish

It is good to sell on rallies around 156.95-57 with SL around 157.50 for a TP of 155.90.