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FxWirePro- GBPJPY Daily Outlook

GBPJPY traded weak for the second consecutive day and lost more than 200 pips. It hit a low of 186.28 yesterday and is currently trading at around 186.30.

 

 GBPUSD- Trend- Neutral

 

The pound sterling lost its shine after weak UK retail sales. It declined 0.30% in Oct below expectations of 0.50%.  Any close below  1.2375 confirms further bearishness.

 

The number of people who have filed for jobless benefits increased by 13000 in the week ending November 11th to 231000, compared to a forecast of 218000.

 

 

USDJPY- Bullish

 

 The pair showed a minor sell-off on easing US treasury yield. The significant resistance is 152/153.

 

 GBPJPY analysis-

 

 The near-term resistance is around 187, a breach above targets 188.35/ 189.20/190. The immediate support is at 186, any violation below will drag the pair to 185.40/184.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Neutral

 

  It is good to sell on rallies around  186.75-80 with SL around 188 for the TP of 184.

 

 

 

 

 

 

 

 

 

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