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FxWirepro- GBPJPY Daily Outlook

GBPJPY showed a minor pullback after a decline of more than 250 pips. It hit a high of 182.58  yesterday and is currently trading at around 182.035.

 

 GBPUSD- Trend- Bearish

 

The pound sterling recovered slightly despite upbeat US GDP data. US GDP grew at an annualized rate of  4.9% in the third quarter, compared to a forecast of 4.50%. US durable goods orders rose 4.7% m/m due to a surge in aircraft sales vs an Estimate of 1.9%.  Any close above 1.2150 confirms further bullishness.

 

 

USDJPY- Bullish

 

 The pair declined more than 50 pips after a multi month high ahead of US PCE data. The significant resistance is 151/152.

 

 GBPJPY analysis-

 

 The near-term resistance is around 182.75, a breach above targets 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)- Neutral

 

  ADX- bearish

 

  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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