FxWirePro: GBPJPY Daily outlook
Major Intraday resistance -157.50
Intraday support- 156.40
GBPJPY continued to trade higher for 2nd consecutive week and surged more than 700 pips on weak yen. The minor weakness in the Pound sterling against the USD is preventing the pair from further upside. GBPJPY hits a high of 157.42 and is currently trading around 156.94.
The pair hits a three-year high at 114.64 on upbeat market sentiment. The surging US Treasury yields on hopes of bond-buying tapering is putting pressure on Yen.
The CCI (50) and Woodies CCI is holding above zero level, but below 100 level showing bullish trend got exhausted.
The pair is holding above 157.50, a jump till 160/162. Significant bullish continuation if it breaks 162. On the lower side, near-term support is around 156.40. Any indicative violation below targets 155.75/155.55/155.
Indicator (4-Hour chart)
Directional movement index –Bullish
It is good to buy on dips around 156.40 SL around 155.75 for a TP of 158.