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FxWirePro: GBP/JPY trades higher, good to buy on dips

  • GBP/JPY is trading higher for past ten trading days and is expected to reach 153.40 level. The pair hits high of 152.71 at the time of writing and is currently trading around 152.77.
     
  • Minor term trend is still bullish as long as support 151.50 holds.
     
  • The pair has taken support near 34- 4H EMA yesterday and shown a good jump. The major resistance is around 153.40 high made on Dec 8th 2017 and any break above confirms minor trend reversal. Break above 153.40 will take the pair till 155/155.88 (161.8% retracement).
     
  • The near term support is around 151.98 (34- 4H EMA) and any break below will drag the pair till 151.50 (38.2% fib)/150.81 (200- 4H EMA)/150.10.
     
  • Major economic indicator to be released is UK construction PMI. Any better than expected PMI data will take the pair further high. 

It is good to buy on dips around 152.50 with SL around 151.98 for the TP of 153.40/154.

 

 

 

 

 

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January 19 15:30 UTC Released

USECRI Weekly Annualized

Actual

4.5 %

Forecast

Previous

3.3 %

January 19 15:30 UTC Released

USECRI Weekly Index

Actual

150.3 %

Forecast

Previous

147.6 %

January 21 21:00 UTC 618618m

KRPPI Growth YY

Actual

Forecast

Previous

3.1 %

January 21 21:00 UTC 618618m

KRPPI Growth

Actual

Forecast

Previous

-0.1 %

January 21 23:00 UTC 738738m

JPReuters Tankan DI

Actual

Forecast

Previous

27 k

January 22 07:00 UTC 12181218m

NOIndus Confidence

Actual

Forecast

Previous

2 0

January 22 08:00 UTC 12781278m

TWJobless Rate

Actual

Forecast

Previous

3.69 0

January 22 08:00 UTC 12781278m

TWExport Orders YY

Actual

Forecast

Previous

11.6 0

January 22 09:00 UTC 13381338m

GRCbank C/A YY

Actual

Forecast

Previous

-0.624 0

January 22 13:30 UTC 16081608m

USNational Activity Index

Actual

Forecast

Previous

0.15 %

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