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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor sell-off on weak UK retail sales data. It hits a low of 166.17 and is currently trading around 166.204.

 GBPUSD- Trend- Bearish

 The pound sterling declined more than 10 pips after UK  retail sales.  It came at -0.90% in Mar vs. -0.50% expected. Any close above 1.2500 will take the pair to 1.2580/1.2650.

USDJPY- Bullish

 The pair lost its shine on declining US treasury yields. Significant support is 133.69/132.77.

 GBPJPY analysis-

 

The near-term support is around 166, a breach below the targets of 165/164. The immediate resistance is at 168, any violation above will take the pair to 170.

 

 Indicators (4-hour chart)

 

 CCI (50)- Bullish

 

 ADX- Neutral

 

It is good to buy on dips around 166 with SL around 165 for a TP of 170.

 

 

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