FxWirePro- GBPJPY Daily Outlook

FxWirePro- GBPJPY Daily Outlook 

GBPJPY pared some of its gains after a minor pullback above the 168 level. It hits an intraday low of 167.66 and is currently trading around 167.78.

GBPUSD- Trend- Bullish

Cable is trading higher for the third consecutive high and hits three months high on board-based US dollar weakness. It is hovering near 200-day EMA. Any breach above 1.21025 will take to the next level 1.2180. The gloomy economic forecast and sentiment pressure the pair at higher levels. Minor support to watch- 1.2050/1.2000.

USDJPY- Bearish

It has shown a minor pullback after hitting a low of 138.11. The pair was one of the worst performers this month and lost nearly 1000 pips as the drop in US CPI may halt aggressive rate hikes by Fed. Any drop below 137.65 confirms further weakness. Minor resistance is 140/141.80.

GBPJPY analysis-

The near-term support is around 167, a breach below targets 166.20/165. the immediate resistance is around 168.50, a jump above will take the pair to 169.10/170.
 
Indicators (4-hour chart)
 
CCI (50) – Bullish
 
ADX- Neutral
 
It is good to sell on rallies around 168.35-40 with SL 169.20 for a TP of 165.10.