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FxWirePro- GBPJPY Daily Outlook

Major Intraday resistance -157.25

 

Intraday support- 155.70

 

GBPJPY recovered from a low of 155.98 made yesterday on the strong Pound sterling.  It hits a high of 156.95 and is currently trading around 156.682.

The pound sterling is trading higher for second consecutive days and hovering near 1.38000 levels on board-based US dollar selling. The Brexit pessimism is preventing GBP from further upside. The intraday trend of the pair is still neutral as long as resistance 157 holds.

USDJPY- Analysis

The pair declined after weak US GDP data. Any breach below 113 will take you to the next level 112.38.

 

CCI Analysis-

The CCI (50) are holding below zero level in the 4-hour chart. The Woodies CCI holds above zero level. Trend not yet confirmed.

Technical:

The immediate resistance is around 157, any break above targets 157.25/157.66/158/158.25. Significant bullish continuation if it breaks 158.50. On the lower side, near-term support is around 156.35. Any indicative violation below targets 155.70/155/154.12.

 

 Indicator (4-Hour chart)

 

Directional movement index –Neutral

 

It is good to sell on rallies around 156.95-57 with SL around 157.50 for a TP of 155.90.

 

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