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FxWirePro- GBPJPY Daily Outlook

GBPJPY gained more than 150 pips the previous week on the weak yen. It hits an intraday high of 166.52 and is currently trading around 165.416.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling declined despite weak US retail sales data. Any close below 1.2340 will take the pair to 1.2300/1.2270.

 

USDJPY- Bullish

 

 The pair gained in hopes of a 25 bpbs rate hike by the Fed. Major support is 133.69/132.77.

 

 

 GBPJPY analysis-

The near-term support is around 166, a breach below the targets of 165.35/164. The immediate resistance is at 166.60, any violation above will take the pair to 167.25/168.

 

 Indicators (4-hour chart)

 

 CCI (50)- Bullish

 

 ADX- Neutral

 

It is good to buy on dips around 166 with SL around 165.35  for a TP of 167.

 

 

 

 

 

 

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