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FxWirePro- GBPJPY Daily Outlook

GBPJPY  trades higher for a third consecutive day on a weak yen. It hits an intraday high of 166.93 and is currently trading around 166.90.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling gained sharply after UK CPI. The annualized CPI declined to 10.1% in Mar, compared to a forecast of 9.8%.  Any close above 1.2500 will take the pair to 1.2550/1.2580.

 

USDJPY- Bullish

 

 The pair gained on hawkish-fed bets. 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- Bullish

 

It is good to buy on dips around 167 with SL around 166 for a TP of 170.

 

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