FxWirePro- GBPJPY Daily Outlook

Short-term resistance -157.75

Intraday Support- 155.40

GBPJPY is consolidating after a minor pullback. The pound sterling gained slightly after UK jobs data. The economy has added 184000 staff in December and the unemployment rate declined to 4.1% compared to a forecast of 4.2%. Any breach above 1.3750 confirms further bullishness. The intraday trend of GBPJPY is bearish as long as resistance 157.75 holds. GBPJPY hits an intraday high of 156.90 and is currently trading around 156.74.

 USDJPY- Analysis

The pair struggles to hold above 115 levels despite strong US treasury yields. The intraday bullishness only if it breaks 115.10.

 CCI Analysis-

The CCI (50) holds above zero levels in the 4-hour chart and Woodies CCI below zero line. It confirms the neutral trend.

 Technical:

The immediate resistance is around 157, any break above targets 157.75/158/158.50. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 155.70. Any indicative violation below targets 155.40/154.70/154.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to sell on rallies around 156.25-30 with SL around 157 for a TP of 154.