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FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (4-hour Chart)
GBPJPY is trading in a narrow range between 140.35 and 142.33 for the past three days. The pair has lost more than 50 pips after weak UK retail sales data. It came at 0.3% MoM in December compared to a forecast of 1.4%. The Intraday trend is neutral as long as resistance 142.25 holds. The Pound sterling declined more than 60 pips against the USD on an upbeat market mood.
The pair's significant resistance at 142.25, any convincing break above targets 142.70. Primary trend continuation only if it goes past 142.70.A jump till 144/145 likely. On the lower side, near term support is around 14170, and any violation below targets 141/140.35.
It is good to buy on dips around 141.25-30 with SL around 140.77 for the TP of 142.25.