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FxWirePro- GBPJPY Daily Outlook

GBPJPY  showed a minor sell-off as bearish yen offsets Pound sterling weakness.  It hits a low of 171.22 yesterday and is currently trading around 172.42.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling hits a fresh six-week high on board-based US dollar buying.  BOE Governor Bailey said that inflation is high and taking a long to come down. Markets eye for US debt negotiations deals for further direction. Any break below 1.2320 confirms further bearishness.

 

USDJPY- Bullish

 

 The pair hits a fresh five-month high on surging US treasury yield. Significant resistance is 140/142.

 

 GBPJPY analysis-

 

 The near-term support is around 171.65 a breach below the targets of 171.20/170/169.30/168.80. The immediate resistance is at 172.50, any violation above will take the pair to 175.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Neutral

 

  It is good to buy on dips around 170 with SL around 169.30 for a TP of 172.40.

 

 

 

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