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FxWirePro- GBPJPY Daily Outlook

GBPJPY pared some of its gains on the weak pound sterling. It hits an intraday low of 180.93  and is currently trading around 181.49.

 

 GBPUSD- Trend- Bullish

 

The pound sterling declined slightly after upbeat UoM consumer sentiment. The University of Michigan's consumer sentiment rose in Jul to 72.60, compared to a forecast of 65.50.  The policy divergence between US Fed and BOE supports the Pound sterling at lower levels. Any break above 1.3050 confirms intraday bearishness.

 

 

USDJPY- Bullish

 

 The pair trades higher despite declining US treasury yields. Significant resistance is 139/140.

 

 GBPJPY analysis-

 

 The near-term support is around 180.90, a breach below targets 180/179.25/178. The immediate resistance is at 181.60, any violation above will take the pair to 182/183.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to buy on dips around 181.25-30 with SL around 180.50 for a TP of 185.

 

 

 

 

 

 

 

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