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FxWirePro- GBPJPY Daily Outlook

GBPJPY pared most of its gains on the weak Pound sterling. It hits a low of 159.98 and is currently trading around 160.41.

 

 GBPUSD- Trend- Bullish

 

 The pound lost its shine after weak UK PMI data. Both services and Manufacturing PMI came below the 50 levels. The surge in the UK budget deficit to a record high in Dec of 27.4 billion pounds also put pressure on the pound sterling at higher levels. Any daily close below 1.2250 will take the pair to 1.2145.

 

 USDJPY- Bearish

  The pair is trading flat for the past two days. Markets eye BOJ summary for further direction. Major supports are 129/127.20/125.

 

 GBPJPY analysis-

 The near-term support is around 160, a breach below targets of 158.50/157.50/156. The immediate resistance is around 160.80, any violation above will take the pair to 161.80/163/164.

 

Indicators (4-hour chart)

 

 CCI (50) –bullish

 

ADX- Bullish

 It is good to buy on dips around 159.70-75 with SL around 159 for a TP of 163.

 

 

 

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