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FxWirepro- GBPJPY Daily Outlook

GBPJPY lost its shine on board-based US dollar buying. It hit a low of 180.77 and is currently trading at around 180.88.

 

 GBPUSD- Trend- Bearish

 

The pound sterling hits a multi-week low on upbeat US economic data ISM manufacturing PMI came in at 49 for Sep, compared with 47.6 in August. The pair dropped drastically the previous week after a surprise BOE pause. UK Sep final manufacturing PMI came at 44.3 vs . an estimate of 44.20. A new close below  1.2050 confirms further bearishness.

 

 

USDJPY- Bullish

 

 The pair hits a month high on surging US treasury yield. The significant resistance is 150/152.

 

 GBPJPY analysis-

 

 The near-term resistance is around 181.50, a breach above targets 182.50/183.35/183.85/184.60/185. The immediate support is at 180.70, any violation below will drag the pair to 180/176.50.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to sell on rallies around 181.50-55 with SL around 182.50 for the TP of 176.50.

 

 

 

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