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FxWirePro- GBPJPY Daily Outlook

GBPJPY trading weak for the past three consecutive days on the weak pound sterling. It hits an intraday high of 161.95 and is currently trading around 161.99.

 

 GBPUSD- Trend- Bullish

 

  The pound sterling showed a minor pullback after a massive sell-off. The policy divergence between the US fed and BOE puts pressure on the pair at higher levels. Any close below 1.1800 will pull the pair to 1.1700.

 

USDJPY- Bullish

 

 The pair pared some of its gains on profit booking. Major resistance is 138/140.

 

 GBPJPY analysis-

 The near-term support is around 161.70, a breach below the targets of 161/160. The immediate resistance is at 162.50, any violation above will take the pair to 163.25/164/165/166/167.01.

 

 Indicators (4-hour chart)

 

 CCI (50) –Bearish

 

 ADX- Bearish

 

It is good to sell on rallies around 162.45-50 with an SL of 163.20 for a TP of 160.

 

 

 

 

 

 

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