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FxWirePro- GBPJPY Daily Outlook

Candlestick pattern- Shooting star

 

GBPJPY pared some of its gains on the weak Pound sterling. It hit an intraday low of 172.61 and is currently trading around 172.728.

 

 GBPUSD- Trend- Bearish

  The pound sterling declined more than 50 pips from a minor top of 1.24450 on board-based US dollar buying. Markets eye the US House of Representatives vote on the US debt deal for further direction. Any break below 1.2300 confirms further bearishness.

 

USDJPY- Bullish

  The pair trades below 140 on declining US treasury yield. Significant resistance is 141/142.

 

 GBPJPY analysis-

 

 The near-term support is around 172.50, a breach below targets 171.60/170/169.30. The immediate resistance is at 174, any violation above will take the pair to 175/176.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Neutral

 

  It is good to buy on dips around 172.50 with SL around 171.60 for a TP of 175.

 

 

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