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FxWirePro- GBPJPY Daily Outlook

GBPJPY                 showed a nice pullback from the minor bottom of 168.05 on the strong Pound sterling. It hits an intraday high of 169.38 and is currently trading around 169.276.

 

  GBPUSD- Trend- Bullish

  The pound sterling hits a fresh year high on board-based US dollar weakness. The US dollar index lost momentum after a dovish 25 bpbs rate hike. Markets eye US Nonfarm payroll data for further direction. Any close above 1.2650 will take the pair to 1.2760.

 

USDJPY- Bullish

 The pair trades weak for the fourth consecutive day ahead of the US Nonfarm payroll. Significant support is 133.50/132.

 

 GBPJPY analysis-

 The near-term support is around 168.80, a breach below the targets of 168/166. The immediate resistance is at 170.50, any violation above will take the pair to 171.50/172.35.

 

  Indicators (4 Hour chart)

 

  CCI (50)- Neutral

 

  ADX- Neutral

 

 It is good to sell on rallies around 170 with SL around 172 for a TP of 166.

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