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FxWirePro- GBPJPY Daily Outlook

GBPJPY recovered above 180 on the strong pound sterling. It hits an intraday high of 180.52 and is currently trading around 180.14.

 

 GBPUSD- Trend- Bullish

 

 The pound sterling surged sharply and hits a 15-month high on board-based US dollar selling.  US CPI declined to 3% YoY in June, compared to a forecast of 3%. On a monthly basis, inflation dropped to 0.2% vs. the forecast of 0.30%. Any break above 1.3030 confirms further bullishness.

USDJPY- Bearish

 

 The pair lost its shine after weak US CPI. Significant support is 138/136.50

 

 GBPJPY analysis-

 

 The near-term support is around 178.95, a breach below targets 178/176. The immediate resistance is at 180.60, any violation above will take the pair to 181.65/182/183.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to sell on rallies around 180.55-60 with SL around 181.65 for a TP of 178.

 

 

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