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FxWirePro- GBPJPY Daily Outlook

GBPJPY lost its shine on the weak pound sterling. It hits a low of 180.74  and is currently trading around 181.80.

 

 GBPUSD- Trend- Bullish

 

The pound sterling showed a minor sell-off after dismal UK PMI data. It declined to three months low of 45 in Apr, compared to a forecast of 46.10. Any break below 1.2780 confirms intraday bearishness.

 

USDJPY- Bullish

 

 The pair trades flat ahead of US CB Consumer confidence. Significant resistance is 142/143.

 

 GBPJPY analysis-

 

 The near-term support is around 181.50, a breach below the target of 180.70/179.70. The immediate resistance is at 182.60, any violation above will take the pair to 183/184.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  Buying on dips around 181.50 with SL around 180.60 for a TP of 184 is good.

 

 

 

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