FxWirePro- GBPJPY Daily Outlook

GBPJPY trades weak for the third consecutive day on a strong yen. It hits a low of 159.74 and is currently trading around 159.79.

 GBPUSD- Trend- Bullish

 The pound sterling showed a minor pullback after upbeat UK retail sales. It came at 1.2% in Feb vs. a forecast of 0.20%, above the previous month's 0.90%. Any close above 1.2300 will pull the pair to 1.2400.

USDJPY- Bearish

 The pair bounced from six-week lows at 130.05 due to short covering. Major support is 131.70/130.50.

Major economic data for the day

Mar 24th, 2023  US Durable goods orders m/m (12:30 pm GMT)

 Mar 23rd, 2023 Flash and services Manufacturing PMI (1:45 pm GMT)

 GBPJPY analysis-

The near-term support is around 159.75, a breach below the targets of 158.95/158.50. The immediate resistance is at 160.50, any violation above will take the pair to 161.20/161.70/162.10.

 Indicators (4-hour chart)

 CCI (50)- Bearish

 ADX- Bearish

It is good to sell on rallies around 160.45-50 with SL around 161.50 for a TP of 158.50.