FxWirePro- GBPJPY Daily Outlook

Short-term resistance -155.35

Intraday Support- 154

GBPJPY  is trading higher for a second consecutive week and holding above 155 level on the strong pound sterling. The pound sterling regained above 1.35000 after upbeat UK PMI data. It has surged to 57.30 in Jan, the fastest rate in six months. Any breach above 1.35550 will take the pair to the next level 1.3600. The intraday trend of GBPJPY is bullish as long as support 154 holds. GBPJPY hits an intraday high of 155.20 and is currently trading around 155.145.

 USDJPY- Analysis

The pair declined for the third consecutive day on safe-haven demand.  The intraday bullishness if it breaks 115.70.

 CCI Analysis-

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

 Technical:

The immediate resistance is around 155.35, any break above targets 155.70/156.10/157. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 154.60. Any indicative violation below targets 154/153/151.95/150.

 Indicator (4-Hour chart)

Directional movement index –Neutral

It is good to buy on dips around 154.65-70 with SL around 154 for a TP of 157.