FxWirePro- GBPJPY Daily Outlook

GBPJPY trades flat after a minor pullback of more than 500 pips. It hits a low of 160.98 and is currently trading around 161.29.

 GBPUSD- Trend- Bearish

  The pound sterling showed a decline after upbeat US retail sales data for further direction. It grew by 3% in Jan monthly, well above expectations of 1.9%. Core retail sales jumped by 2.3%, from -0.90% the previous month expected. Any daily close below 1.200 will drag the pair to 1.

 USDJPY- Bearish

  The pair gets exhausted after three days of the rally. Markets eye US PPI data for further direction. Major resistance is 134.80/136.

 GBPJPY analysis-

 The near-term support is around 160.70, a breach below targets of 160/159/158/156.70/155.60/155. The immediate resistance is at 162.20, any violation above will take the pair to 163/165.

 Indicators (4-hour chart)

 CCI (50) –bullish

 ADX- Neutral

It is good to buy on dips around 161 with SL around 160 for a TP of 163.