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FxWirepro- GBPJPY Daily Outlook

GBPJPY trades in a narrow range between 183.81 and 181 for the past ten days. It hit a low of 181.26 yesterday and is currently trading at around 182.21.

 

 GBPUSD- Trend- Bearish

 

The pound sterling showed a minor pullback on short covering. The war between Israel and Hamas intensified and has increased demand for safe-haven assets like the dollar. Any close above 1.2200 confirms further bullishness.

 

 

USDJPY- Bullish

 

 The pair trades near the previous week's high on the hawkish Fed. The significant resistance is 150/152.

 

 GBPJPY analysis-

 

 The near-term resistance is around 182, a breach above targets 182.75/183.25/184/184.60/185/186. The immediate support is at 181.40, any violation below will drag the pair to 180.70/178/176.50.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Neutral

 

  It is good to sell on rallies around 182.25-30 with SL around 183 for the TP of 178/176.50.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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