FxWirePro- GBPJPY Daily outlook

Major Intraday resistance -153.75

Intraday support- 152.50

GBPJPY continues to trade lower on the weak Pound sterling. GBPUSD has formed a double bottom near 1.340 level and shows a minor pullback. But the overall trend is bearish on Brexit concerns. The fears of the UK triggering article 16 of Northern Ireland also put pressure on the pound sterling. The overall trend is still bearish as long as resistance 155 holds. It hits a low of 152.69 and is currently trading around 152.81.

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 USDJPY- Analysis

The pair is trading weak on declining US treasury yield. Any breach below 113 targets 112/111.

CCI Analysis-

The CCI (50) and Woodies CCI are holding below zero level in the 4-hour chart. This confirms the weak trend. Bearish trend confirmed.

Technical:

The immediate resistance is around 153.25, any break above targets 153.80/ 154.55/155. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 152.50. Any indicative violation below targets 152.18/151.60.

 Indicator (4-Hour chart)

Directional movement index –Bearish

It is good to sell on rallies around 153.75-80 with SL around 154.50 for a TP of 151.