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FxWirePro- GBPJPY Daily Outlook

GBPJPY recovered above 159.50 on the weak yen. It hits a high of 160.01 and is currently trading around 159.78.

 

GBPUSD- Trend- Bearish

 

The cable declined below 1.1900 on the strong US dollar ahead of the US Nonfarm payroll. Analysts anticipate adding 225K non-farm jobs compared to 263K the previous month. The unemployment rate is seen unchanged at 3.7%. Any dip below 1.1870 will drag the cable to 1.1800.

 

USDJPY- Bearish

 

 The pair trades higher for the fourth consecutive day on the emergency bond-buying program by BOJ. Significant resistance is 134.50/136.

 

GBPJPY analysis-

The near-term support is around 159.25, a breach below targets of 158.50/157.70. The immediate resistance is around 160.20, a jump above will take the pair to 160.70/161.50/163.

 

Indicators (4-hour chart)

 

CCI (50) –Neutral

 

ADX- Neutral

It is good to buy above 160.20 with SL around 159.50 for a TP of 163.

 

 

 

 

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