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FxWirePro- GBPJPY Daily Outlook

GBPJPY surged more than 100 pip from the minor bottom on the pound sterling pullback. It hits an intraday high of 180.91  and is currently trading around 181.57.

 

 GBPUSD- Trend- Bullish

 

The pound sterling showed a minor pullback on strong UK retail sales. It rose 0.70% m/m in June, compared to a forecast of 0.20%. This has increased the chance of a rate hike by BOE in the next meeting. Any break above 1.2900 confirms intraday bullishness.

 

USDJPY- Bullish

 

 The pair trades above the 140 level on the US treasury yield pullback. Significant resistance is 140.70/142.

 

 GBPJPY analysis-

 

 The near-term support is around 179.80, a breach below the target of 179.25/178. The immediate resistance is at 180.85, any violation above will take the pair to 182/183/184.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to buy on dips around 180.68-70 with SL around 179.70 for a TP of 184.

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