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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor pullback after 200 pips sell-off. The pair was one of the best performers in the past three weeks on a weak yen.  It hit a high of 186.47 and is currently trading around 185.22.

 

 GBPUSD- Trend- Bearish

The pound sterling consolidated in a narrow range between 1.26891 and 1.27558 for the past two days. The pair dropped slightly after dismal UK retail sales yesterday.  Any break below 1.2680 confirms further bearishness.

 

 

USDJPY- Neutral

 

 The pair recovered slightly on surging US treasury yields. The significant resistance is 146/147.

 

 GBPJPY analysis-

 

 The near-term resistance is around 185.60, a breach above targets 186.50/187/188.50. The immediate support is at 184.38, any violation below will drag the pair to 183.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- neutral

 

  It is good to sell on rallies around  185.58-60 with SL around 186.55 for a TP of 180.60.

 

 

 

 

 

 

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