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FxWirePro- GBPJPY Daily Outlook

GBPJPY  consolidating in a narrow range between 182.52 and  179.73 for the past three days. It hits a high of 182.01 yesterday and is currently trading around 181.74.

 

 GBPUSD- Trend- Bullish

 

The pound sterling showed a minor pullback ahead of US Fed monetary policy. Any hawkish rate hike by Fed will drag the pair further down. Any break below 1.27800 confirms further bearishness.

 

 

USDJPY- Bullish

 

 The pair declined slightly ahead of the US FOMC meeting. The policy divergence between Fed and BOJ supports USDJPY at lower levels. Significant resistance is 142/143.

 

 GBPJPY analysis-

 

 The near-term support is around 181.50 a breach below the target of 181/179.70. 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

 

  It is good to buy on dips around 181.50 with SL around 180.60 for a TP of 184.

 

 

 

 

 

 

 

 

 

 

 

 

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