FxWirePro- GBPJPY Daily Outlook

Major Intraday resistance -154.76

Intraday support- 153.80

GBPJPY surged more than 200 pips on the strong pound sterling. GBP surged past the 1.3450 level on upbeat inflation data.  UK annual rate of Consumer price index rose by 4.2% in Oct compared to a forecast of 3.9%. The intraday trend is bullish as long as support 153.80 holds. It hits a high of 154.73 at the time of writing and is currently trading around 153.57.

 USDJPY- Analysis

The pair broke the monthly high of 114.69 and held above that level. A jump till 115.85.

CCI Analysis-

The CCI (50) and Woodies CCI are holding above zero level in the 1-hour chart. It confirms a minor bullish trend.

Technical:

The immediate resistance is around 154.75, any break above targets 155.35/156. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 153.75 Any indicative violation below targets 153/152.50/152.18/151.60.

 Indicator (4-Hour chart)

Directional movement index –Bullish

It is good to buy on dips around 154.25-30 with SL around 153.75 for a TP of 155.35.