FxWirePro- GBPJPY Daily Outlook
GBPJPY showed a nice pullback after a minor sell-off on the weak yen. It hits a high of 164.55 and is currently trading around 164.47.
GBPUSD- Trend- Bearish
The pound sterling recovered above 1.2300 on risk averse. Markets eye UK final PMI and US ISM manufacturing PMI for further direction. Any close above 1.2340 will pull the pair to 1.24000/1.2450.
USDJPY- Bullish
The pair hits a two-week high as risk appetite improves. Major resistance is 133.80/134.50.
GBPJPY analysis-
The near-term support is around 163.70, a breach below the targets of 163/161.70. The immediate resistance is at 165, any violation above will take the pair to 165.46/166.20/167/168/169.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- bullish
It is good to buy on dips around 163.70 with SL around 163 for a TP of 166.20.
