Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- GBPJPY Daily Outlook

GBPJPY pared most of its gains made yesterday after the Fed monetary policy. A dovish rate hike by Fed has dragged the US dollar down against Yen. The nice pullback in pound sterling prevents the pair from further sell-off. Any break above 1.2200 confirms further bullishness. Technically in the 4-hour chart, the pair is holding below short-term 21-EMA, above  55 EMA, and long-term 200 EMA (164.17). Any breach above165.25 will take the pair to next level to 166.35/167. GBPJPY hits an intraday low of 164.52 and is currently trading around 165.10.

 

 The near-term support is around 164.50, with violations below 164/163/161.80.

 

 Indicators (4-hour chart)

 

CCI (50) – Bullish

 

ADX- Neutral

 

It is good to sell on rallies around 165.55-60 with SL around 166.35 for TP of 163.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.