FxWirePro- GBPJPY Daily Outlook

Short-term resistance -155.30

Intraday Support- 153.35

GBPJPY has taken support near 200-day MA and jumped more than 100 pips. The slight decline in the Japanese Yen on short-covering supports pair at lower levels. The Pound sterling plummets sharply, the biggest daily fall in 16 weeks on geopolitical tension. Any breach below 1.3380 confirms intraday bearishness. The intraday trend of GBPJPY is bearish as long as resistance 155.30 holds. GBPJPY hits an intraday low of 154.21 and is currently trading around 154.26.

 USDJPY- Analysis

The pair regained above 115 levels after hitting two weeks low. Markets eye Russia and Ukraine conflict for further direction. The intraday bearishness if it breaks 114.40.

 CCI Analysis-

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

 Technical:

The immediate resistance is around 155.30, any break above targets 156/156.80/157.30. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is at 154. Any indicative violation below targets 153.35/152.75.

 Indicator (Daily chart)

Directional movement index –Bearish

It is good to sell on rallies around 154.75-80 with SL around 155.35 for a TP of 153.