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FxWirePro- GBPJPY Daily Outlook

GBPJPY pared some of its gains on the strong Yen. It hits an intraday low of 163.96 and is currently trading around 164.19.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling eased from ten-month highs of 1.2510 despite upbeat market sentiment. The pair was one of the best performers due to the board based on US dollar selling . Market eyes US ADP employment and US ISM services PMI for further direction.

 

USDJPY- Bullish

 

 The pair lost more than 200 pips as US treasury yields dropped more than 7% from a minor top. Significant support is 131/130.

 GBPJPY analysis-

The near-term support is around 163.70, a breach below the targets of 163/161.70. The immediate resistance is at 166, any violation above will take the pair to 167/168/169.

 Indicators (4-hour chart)

 CCI (50)- Bullish

 ADX- Neutral

It is good to sell on rallies around 165.35-40 with SL around 166.40 for a TP of 160.

 

 

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