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FxWirePro- GBPJPY Daily Outlook

GBPJPY  showed a minor sell-off on Pound sterling weakness. It hits an intraday low of 182.19 and is currently trading around 182.33.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling trading weak for a second consecutive day on board-based US dollar buying. The US economy has expanded at an annualized pace of 2.1% in the first quarter, above the estimate of 1.40%.  Any break below 1.2600 confirms intraday bearishness.

 

 

USDJPY- Bullish

 

 The pair pared some of its gains despite declining US treasury yield. Significant Resistance is 145.250/146.

 

 GBPJPY analysis-

 

 The near-term support is around 182, a breach below targets 181.65/181. The immediate resistance is at 184, any violation above will take the pair to 185/186.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to buy on dips around 182 with SL around 181 for a TP of 185.

 

 

 

 

 

 

 

 

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