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FxWirePro- GBPJPY Daily Outlook

GBPJPY trades slightly higher on minor weakness in Yen. It hits an intraday high of 163.97 and is currently trading around 163.84.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling performing well for the past three weeks on board-based US dollar selling.  UK March Final services PMI Mar came at 52.90 vs. the Forecast of 52.80.

 

USDJPY- Bullish

 

 The pair lost its shine on the US treasury yields decline. Major resistance is 130.50/129.

 

 

 GBPJPY analysis-

 

The near-term support is around 163.50, a breach below the targets of 163/161.70. The immediate resistance is at 164, any violation above will take the pair to 165/166.40/167.

 

 Indicators (4-hour chart)

 

 CCI (50)- Neutral

 

 ADX- Neutral

 

It is good to sell on rallies around 164 with SL around 165 for a TP of 161.70.

 

 

 

 

 

 

 

 

 

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