FxWirePro- GBPJPY Daily Outlook

GBPJPY was one of the best performers in the past three weeks on weak yen. It hit a high of 188.93 yesterday and is currently trading at around 188.05

 GBPUSD- Trend- Bullish

The pound sterling gained more than 100 pips on board-based US dollar selling. Market eye  UK Flash manufacturing and service PMI tomorrow for further direction. UK retail sales fell by 3.2% in Dec 2023, compared to a forecast of -0.50%. Any close above 1.2750 confirms further bullishness.

USDJPY- Bearish

 The pair lost its momentum despite the dovish BOJ monetary policy. The central bank has kept its rate unchanged and trimmed inflation forecast. The significant support is 147.70/146.50.

GBPJPY

The near-term resistance is around 189, a breach above targets 190/192. The immediate support is at 187.40, any violation below will drag the pair to 186.45/184.90.

  Indicators (4-hour chart)

  CCI (50)- Bearish

  ADX- Bearish

  It is good to sell on rallies around 188.45-50 with SL around 189.25 for the TP of 184.95.