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FxWirePro- GBPJPY Daily Outlook

GBPJPY trades in a narrow range between 173.96 and 172.95 for the past two days. It hit an intraday high of 173.60 and is currently trading around 173.577.

 

 GBPUSD- Trend- Bearish

  The pound sterling lost its shine on board-based US dollar buying. The delay in US debt negotiation and increased chance of a rate hike by the Fed in June supports the US dollar at lower levels. Any break below 1.2300 confirms further bearishness.

 

USDJPY- Bullish

  The pair reverses from a minor bottom of 139.96 made yesterday. Significant resistance is 141/142.

 

 GBPJPY analysis-

 

 The near-term support is around 172.90, a breach below targets 172.50/171.60/170/169.30. The immediate resistance is at 174, any violation above will take the pair to 175/176.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to buy on dips around 172.50 with SL around 171.60 for a TP of 175.

 

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