FxWirePro- GBPJPY Daily Outlook

GBPJPY was one of the best performers the previous week and hits 6 months high on weak Yen. It hits an intraday high of 172.09 and is currently trading around 171.597.

  GBPUSD- Trend- Bullish

  The pound sterling halted its three days of winning streak and showed a minor sell-off. US PCE YoY March cools down to 4.6% from 4.7% in Feb.  The core PCE surged by 0.30% in Mar, in line with the estimate. Market eyes US fed monetary policy this week for further direction.  Any close above 1.2580 will take the pair to 1.2650/1.2700.

USDJPY- Bullish

 The pair extends to gain for a second consecutive week on hawkish BOJ policy. Significant resistance is 138/140.

 GBPJPY analysis-

 The near-term support is around 170, a breach below the targets of 168.85/168. The immediate resistance is at 172, any violation above will take the pair to 174/175.

  Indicators (4-hour chart)

  CCI (50)- Bullish

  ADX- Bullish

 It is good to buy on dips around 170 with SL around 168.85 for a TP of 175.