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FxWirePro- GBPJPY Daily Outlook

GBPJPY hits a fresh six-month high on a weak yen. It hits a high of 172.62 yesterday and is currently trading around 172.06.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling is under pressure on board-based US dollar buying. Markets eye UK Flash Manufacturing, services PMI, and Bailey testimony for further direction. Any break above 1.2485 confirms further bullishness.

 

USDJPY- Bullish

 

 The pair breaks the previous week's high on surging US treasury yield. Significant resistance is 139/140.

 

 GBPJPY analysis-

 

 The near-term support is around 171.50, a breach below the targets of 171/170/169.30/168.80. The immediate resistance is at 172.65, any violation above will take the pair to 175.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to buy on dips around 171.50 with SL around 170.80 for a TP of 173.

 

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