FxWirePro- GBPJPY Daily Outlook

Short-term resistance -150.75

Intraday support- 148.90

GBPJPY has declined more than 50 pips from a high of 150.75 despite upbeat UK jobs data.  According to ONS, the number of people who have filed for unemployment benefits has declined to -49.8k compared to an estimate of -31.5k and the unemployment rate came at 4.2% in line with estimates. The intraday trend is neutral as long as resistance 151.15 holds. The pound sterling is hovering around 1.3200 against USD on fear of death due to the Omicron virus in the UK.  Any breach below 1.3180 confirms intraday bearishness. GBPJPY hits an intraday low of 149.76  and is currently trading around 150.144.

  USDJPY- Analysis

The pair regained above 113.50 on upbeat market sentiment. Any minor bullishness only if it breaks 114.

 CCI Analysis-

The CCI (50) and Woodies CCI hold below zero level in the 4- hour chart. It confirms a bearish trend.

 Technical:

The immediate resistance is around 150.75, any break above targets 151.20/152/152.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 149.70. Any indicative violation below targets 149.35/148.90/148/147.25.

 Indicator (4-Hour chart)

Directional movement index –Bearish

It is good to sell on rallies around 150.55.60 with SL around 151.25 for a TP of 148.55.