FxWirePro- GBPJPY Daily Outlook

Short-term resistance -154.75

Intraday Support- 152.80

GBPJPY continues to trade higher for a third consecutive week on the strong Pound sterling. GBP recovered sharply against USD on easing Corona concerns and board-based US dollar selling. The number of new omicron cases surged to 122186 in the United Kingdom. But hospitalization and deaths are very less compared to Delta variant. Any breach above 1.3380 confirms intraday bullishness. The intraday trend of GBPJPY is bullish as long as support 152.80 holds. GBPJPY hits an intraday high of 153.76 and is currently trading around 153.62.

  USDJPY- Analysis

The pair holds above 114 levels on the decrease in demand for safe-haven assets. Any intraday bullishness only if it breaks 115.

 CCI Analysis-

The CCI (50) and Woodies CCI hold above zero levels in the 4- hour chart. It confirms an intraday bullish trend.

 Technical:

The immediate resistance is around 153.75, any break above targets 154.25/154.75. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 152.80. Any indicative violation below targets 152/151.50/151.

 Indicator (4-Hour chart)

Directional movement index –Bullish

It is good to buy on dips around 153.25-30 with SL around 152.60 for a TP of 155.