FxWirePro- GBPJPY Daily Outlook

GBPJPY lost more than 200 pips on the strong yen. It hits an intraday low of 167.08 and is currently trading around 167.48.

GBPUSD- Trend- Bearish

The cable pared some of its gains after hitting a fresh 6-month high at 1.2444. UK claimant count change increased to 305000 compared to a forecast of 3.5K, the highest since Mar 2021. The UK unemployment rose to 3.7 from the previous month's 3.6. Any break above 1.2500 confirms further bullishness.

USDJPY- Bearish

The pair pared most of its gains as easing US CPI will slow the Fed rate hike. The decline US 10-year bond yield also supports the yen. Any close below 133.50  confirms a bearish continuation.  Minor resistance is 133.50/130.

GBPJPY analysis-

The near-term support is around 167, a breach below targets 165.95/164/163. The immediate resistance is at 167.75, a jump above will take the pair to 168.50/169.25/170/172.

Indicators (4-hour chart)

CCI (50) – Bullish

ADX- Bullish

It is good to sell on rallies around 168 with SL 169.25 for a TP of 165.