FxWirePro- GBPJPY Daily outlook

Major Intraday resistance -153.75

Intraday support- 152.50

GBPJPY is trading lower after a minor pullback to 153.74 on the weak Pound sterling. GBPUSD remains unchanged despite weak UK GDP. The quarterly GDP grew by 1.3% in Q3 vs. a forecast of 1.5%. Any breach below 1.3800 confirms further bearishness. The overall trend is still bearish as long as resistance 155 holds. It hits an intraday low of 152.57 and is currently trading around 152.84.

 USDJPY- Analysis

The pair recovered on a strong US dollar. Any breach above 114.50 targets 115/116.

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 153.75, any break above targets 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 153.25 with SL around 153.80 for a TP of 151.