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FxWirePro- GBPJPY Daily Outlook
GBPJPY showed a minor profit booking after surging more than 350 pips the previous week. It hits a high of 172.50 yesterday and is currently trading around 171.67.
GBPUSD- Trend- Bearish
The pound sterling gained slightly after the Fed chairman hints at a rate pause. Markets eye for US President Biden and McCarthy to meet at the White House on Monday. Any break above 1.2485 confirms further bullishness.
USDJPY- Bullish
The pair pared some of its gains after hitting six months high. Significant resistance is 139/140.
GBPJPY analysis-
The near-term support is around 171, a breach below the targets of 170/169.30/168.80. The immediate resistance is at 172.50, any violation above will take the pair to 175.
Indicators (4-hour chart)
CCI (50)- neutral
ADX- Neutral
It is good to buy on dips around 170 with SL around 169.30 for a TP of 172.40.
