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FxWirePro- GBPJPY Daily Outlook

GBPJPY recovered more than 150 pips on the weak yen. It hits an intraday high of 165.65 and is currently trading around 165.47.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling halted its three days losing streak and showed a minor pullback.  Any close below 1.2380 will drag the pair to 1.2340/1.2300.

 

USDJPY- Bullish

 

 The pair regained above 133.55 on weak US bond yields. Major resistance is 133.80/135.

 GBPJPY analysis-

The near-term support is around 164.70, a breach below the targets of 163.69/163. The immediate resistance is at 166.40, any violation above will take the pair to 167/168.

 Indicators (4-hour chart)

 

 CCI (50)- Bullish

 

 ADX- Neutral

 

It is good to buy on dips around 164.60 with SL around 163.80 for a TP of 166.40.

 

 

 

 

 

 

 

 

 

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