FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a dead cat bounce after hitting a multi-month low of 155.35. It hits an intraday high of 157.24 and is currently trading around 156.70.

GBPUSD- Trend- Bearish

The cable holds below 1.2000 on US dollar strength. Markets eye the US ISM manufacturing index and US Fed meeting minutes for further direction. The minor sell-off in the US treasury supports cable at lower levels. Any daily close below 1.2000 will drag the pair further down to 1.1900.

USDJPY- Bearish

 The pair surged more than 100 pips after hitting a low of 129.50. The number of coronavirus cases and economic recession increased demand for Safe-haven assets like the yen. Minor support is  129.50/128.

GBPJPY analysis-

The near-term support is around 156, a breach below targets 155/151.80. The immediate resistance is around 157.75, a jump above will take the pair to 158.40/159.50.

Indicators (4-hour chart)

CCI (50) –Bearish

ADX- Bearish

It is good to sell on rallies around 158 with SL 159.50 for a TP of 155.