FxWirePro- GBPJPY Daily Outlook

GBPJPY trades higher on the weak yen. It hits a high of 162.17 and is currently trading around 161.66.

 GBPUSD- Trend- Bearish

  The pound sterling showed a minor decline despite mixed UK jobs data. UK claimant count change came in at -12.90K in Jan. UK wage inflation excluding bonus jumped by 6.7% YoY in Dec vs. 6.5% expected. Any daily close above 1.2270 will take the pair to 1.2350.

 USDJPY- Bearish

  The pair surged after upbeat US CPI data. CPI for Jan came at 6.4% YOY, above the estimate of 6.2%. It has declined for the seventh consecutive month after peaking at 9.1% in Jun 2022.  Major support is 130/129.

 GBPJPY analysis-

 The near-term support is around 161.20, a breach below targets of 160/159/158/156.70/155.60/155. The immediate resistance is at 162.20, any violation above will take the pair to 163/165.

 Indicators (4-hour chart)

 CCI (50) –bullish

 ADX- Neutral

It is good to buy on dips around 161 with SL around 160 for a TP of 163.