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FxWirePro-GBPJPY Daily Outlook

GBPJPY pared some of its gains on the weak Pound sterling. It hits an intraday low of 170.13 and is currently trading around 170.29.

  GBPUSD- Trend- Bullish

   The pound sterling declined more than 50 pips after hitting a multi-week high of 1.26686 amid a cautious mood. The chance of a decline in policy divergence between the BOE and Fed supports the Pound sterling at lower levels. Any close above 1.2660 will take the pair to 1.280.

 

USDJPY- Bullish

 

 The pair lost its shine despite surging US treasury yield. Significant resistance is 135.25/136.

 

 GBPJPY analysis-

 

 The near-term support is around 169.80, a breach below the targets of 169.60/169/168. The immediate resistance is at 171, any violation above will take the pair to 172.50/175.

 

  Indicators (4-hour chart)

  CCI (50)- Bullish

  ADX- Neutral

 It is good to buy on dips around 170 with SL around 169 for a TP of 172.50.

 

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