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FxWirePro- GBPJPY Daily Outlook

GBPJPY halted its two-day uptrend and showed a minor sell-off. It hits an intraday high of 160.04 and is currently trading around 160.37.

 

GBPUSD- Trend- Bullish

 

The cable trades flat after a massive 350 pips rally. Markets eye US fed chairman Powell speech for further direction.  Any close above 1.2200 will take the pair to 1.2250/1.2270.

 

USDJPY- Bearish

 

 The pair pared most of its gains after a minor pullback to 134.77.  Major resistance is 132.70/134/134.80.

 

GBPJPY analysis-

 

The near-term support is around 159.60, a breach below targets of 159/158.50/157.70. The immediate resistance is around 161.25 (21- day  EMA), a jump above will take the pair to 162/163.

 

Indicators (4-hour chart)

 

CCI (50) –Bullish

 

ADX- Bullish

 

It is good to buy on dips around 160.20-25 with SL around 159.60 for a TP of 163.

 

 

 

 

 

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