FxWirePro: GBPJPY Daily outlook
Major Intraday resistance -158.30
Intraday support- 157
GBPJPY is trading in a narrow range of 158.22 and 156.86 for the past three days. The pair has lost more than 20 pips after dismal UK retail sales data. It has declined for the fifth consecutive month to -0.2% last month compared to a forecast of 0.60%. GBPUSD is holding below 1.3800 level, Any breach below 1.3780confirms further bearishness.GBPJPY hits an intraday low of 157.12 and is currently trading around 157.185.
The pair continues to trade weak on risk-off mood. Any breach below 113.60 will drag the pair to 113.
The CCI (50) is holding below zero level, but Woodies CCI is below 100 level. It shows that the bullish trend got exhausted.
The immediate resistance is around 157.50, any break above targets 158.25/160/162. Significant bullish continuation if it breaks 162. On the lower side, near-term support is around 156.80. Any indicative violation below targets 156.10/155.
Indicator (1-Hour chart)
Directional movement index –Neutral
It is good to sell on rallies around 158 with SL around 158.50 for a TP of 156.