FxWirePro- GBPJPY Daily Outlook

GBPJPY trades below 160 levels on the strong yen. It hits an intraday low of 160.72 and is currently trading around 158.85.

GBPUSD- Trend- Neutral

 The cable trading was weak for the third consecutive week despite the weak US dollar. The pound sterling downtrend is mainly due to weak UK economic data and a surge in US treasury yields. Any close below 1.2000 will drag the pair further down to 1.1900. Markets eye BOE and Fed monetary policy for further direction.

USDJPY- Bearish

The pair was one of the worst performers in the past ten days and lost more than 500 pips on surging yen. The escalation of the number of Covid cases in China and renewed tension between Russia and Ukraine has increased demand for safe-haven assets like the yen. Minor support is  131.50/130.

GBPJPY analysis-

The near-term support is around 158.50, a breach below targets 157/156. The immediate resistance is around 160, a jump above will take the pair to 161.20/162/162.80.

Indicators (4-hour chart)

CCI (50) –Bearish

ADX- Bearish

It is good to sell on rallies around 160 with SL 161.10 for a TP of 158/155.