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FxWirePro- GBPJPY Daily Outlook
GBPJPY trades higher for a second consecutive week on a weak yen. It hits an intraday high of 167.95 and is currently trading around 167.75.
GBPUSD- Trend- Bullish
The pound sterling recovered above 1.2500 on board based US dollar weakness. Market eyes US CB consumer confidence data for further direction. Any close above 1.2500 will take the pair to 1.2580/1.2650.
USDJPY- Bullish
The pair gained more than 50 pips as markets expects dovish comments from BOJ. Significant resistance is 135.25/136.
GBPJPY analysis-
The near-term support is around 167, a breach below the targets of 166/165. The immediate resistance is at 168, any violation above will take the pair to 170.
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.
