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FxWirePro- GBPJPY Daily Outlook

GBPJPY  was one of the best performers the previous week and surged more than 1000 pips on a weak yen. It hits a high of 183.87 and is currently trading around 183.60.

 

 GBPUSD- Trend- Bullish

 The pound sterling recovered sharply after a weak US PCE index. Headline US PCE index rose 0.10% m/m, below expectations of 0.50%. Core PCE came at 0.30% m/m, in line with market expectations.  Any break above 1.2750 confirms intraday bullishness.

 

 

USDJPY- Bullish

 

 The pair hits a fresh seven-month high as BOJ maintains its dovish stance. Significant Resistance is 145.250/146.

 

 GBPJPY analysis-

 

 The near-term support is around 182.90, a breach below targets 182/181.65/181. The immediate resistance is at 184, any violation above will take the pair to 185/186.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to buy on dips around 183 with SL around 182 for a TP of 185.

 

 

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