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FxWirePro- GBPJPY Daily Outlook

GBPJPY pared some of its gains on the strong yen. It hits an intraday low of 165.40 and is currently trading around 165.506.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling showed a nice pullback on the weak US PPI. US PPI m/m came at-.0.50%  in Mar, below the estimate of 0.0%. The yearly inflation rose 2.70% last month, compared to a forecast of 3%.  Any close above 1.2550 will take the pair to 1.26280.

 

USDJPY- Bullish

 

 The pair pared some of its gains after weak US PPI data. Major support is 132/131.

 

 

 GBPJPY analysis-

 

The near-term support is around 165.35, a breach below the targets of 164.70/164. The immediate resistance is at 166.60, any violation above will take the pair to 167/168.

 

 Indicators (4-hour chart)

 

 CCI (50)- Bullish

 

 ADX- Neutral

 

It is good to buy on dips around 165.35 with SL around 164.70 for a TP of 167.

 

 

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