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FxWirePro- GBPJPY Daily Outlook

GBPJPY pared some of its gains on the strong yen. It hits an intraday low of 160.15 and is currently trading around 160.14.

 

 GBPUSD- Trend- Bearish

 

  The pound sterling gained momentum ahead of the UK claimant count report and US CPI. The annual CPI is expected to decline to 6.2%. Any drop in US inflation will drag the US dollar lower. Any daily close below 1.2200 will drag the pair to 1.2300/1.2350.

 

 USDJPY- Bearish

  The pair lost its shine after BOJ officially announced Masayoshi Amamiya as governor. Major support is 130/129.

 

 GBPJPY analysis-

 The near-term support is around 160, a breach below targets of 158/156.70/155.60/155. The immediate resistance is at 160.80, any violation above will take the pair to 161.25/162/163.

 

 Indicators (4-hour chart)

 

 CCI (50) –bullish

 

 ADX- Neutral

It is good to buy on dips around 159.25 with SL around 158 for a TP of 163.

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