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FxWirePro- GBPJPY Daily Outlook

GBPJPY recovered from its low of 156.72 on the weak Yen. It hits a high of 159.94 and is currently trading around 159.408.

 

 GBPUSD- Trend- Bearish

  The pound sterling hits one month low against USD on board-based US dollar buying. Any daily close below 1.200 will drag the pair to 1.1890.

 

 USDJPY- Bearish

  The pair lost more than 50 pips as BOJ confirms stealth intervention. Major resistances are 133.20/134.

 

 GBPJPY analysis-

 The near-term support is around 159.20, a breach below targets of 158/156.70/155.60. The immediate resistance is around 160, any violation above will take the pair to 161.80/163.

 

Indicators (4-hour chart)

 

 CCI (50) –bearish

 

ADX- Bearish

 

 It is good to sell on rallies around 159.50-55 with SL around 160.55 for a TP of 155.

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