FxWirePro- GBPJPY Daily Outlook
GBPJPY recovered on the strong Pound sterling. It hits an intraday high of 161.10 and is currently trading around 160.96.
GBPUSD- Trend- Bullish
The cable showed a pullback above 1.21500 on upbeat market sentiment. The US dollar pared most of its gains after weak US wage growth will ease inflationary pressure Any close above 1.2200 will take the pair to 1.2250/1.2270.
USDJPY- Bearish
The pair gained more than 100 pips on short covering. Major resistance is 132.70/134/134.80.
GBPJPY analysis-
The near-term support is around 160, a breach below targets of 159.60/158.50/157.70. 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.
