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FxWirePro- GBPJPY Daily Outlook

GBPJPY traded higher for a third consecutive week and surged more than 12% on a weak yen. It hits an intraday high of 182.94 and is currently trading around 182.84.

 

 GBPUSD- Trend- Bullish

 The pound sterling erased most of its gains made after the Bank of England hiked rates by 50 bpbs. Any break above 1.2750 confirms intraday bullishness.

 

 

USDJPY- Bullish

 

 The pair hits fresh week high on surge in US treasury yield. Significant Resistance is 144/145.

 

 GBPJPY analysis-

 

 The near-term support is around 182.50, a breach below targets 181.80/181. The immediate resistance is at 183, any violation above will take the pair to 184/185.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to buy on dips around 181.55-60 with SL around 181 for a TP of 185.

 

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