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FxWirePro- GBPJPY Daily Outlook

GBPJPY lost its shine and declined more than 400 pips on the strong yen. It hit a low of 186.43 at the time of writing and is currently trading at around 186.77.

 

 GBPUSD- Trend- Bullish

 

The pound sterling trades flat ahead of US PCE data.BOE governor Bailey said that the central bank will take necessary actions to bring down inflation to 2%. Any close above 1.2735 confirms further bullishness.

 

 

USDJPY- Bearish

 

 The pair trades weak ahead of US PCE data. The significant support is 147/145.

 

 The near-term resistance is around 188.65, a breach above targets 189.20/190. The immediate support is at 186.40, any violation below will drag the pair to 185.40/185.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to sell on rallies around 188 with SL around 189 for the TP of 186.

 

 

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