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FxWirePro- GBPJPY Daily Outlook

GBPJPY traded higher for the third consecutive day and hits its highest level since 2016 on strong Pound sterling. It hits a high of 175.03 and is currently trading around 174.92.

 

 GBPUSD- Trend- Bearish

 The pound sterling jumped more than 100 pips yesterday on rising UK gilt yields. The hope of a rate hike by the BOE in the next monetary policy meeting pushing GBP higher. Any break above 1.22560 confirms further bullishness.

 

 

USDJPY- Bullish

 

 The pair recovered after hitting a fresh week low of 138.75 on declining US treasury yield. Significant Support is 138.75/138.

 

 GBPJPY analysis-

 

 The near-term support is around 173.90, a breach below targets 173/172.50/171.80/171/170. The immediate resistance is at 175, any violation above will take the pair to 176/177.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to buy on dips around 174.50 with SL around 173.80 for a TP of 176.

 

 

 

 

 

 

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