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FxWirePro- GBPJPY Daily Outlook

GBPJPY surged more than 200 pips on the weak yen. It hit a high of 182.94  and is currently trading around 182.78.

 

 GBPUSD- Trend- Bearish

 

The pound sterling consolidated in a narrow range between 1.27921 and 1.27128 for the past two days. UK BRC retail sales dropped to 1.8% YoY to an 11-month low, compared to a forecast of 3%. Market eyes Fed Member Harker's speech today for further direction.  Any break above 1.2800  confirms further bullishness.

 

 

USDJPY- Neutral

 

 The pair showed a minor decline due to weak real wages. The significant resistance is 144/145.

 

 GBPJPY analysis-

 

 The near-term support is around 182.50, a breach below the target of 181.75/181/180.40. The immediate resistance is at 183, any violation above will take the pair to 184/185.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

 

  It is good to stay away.

 

 

 

 

 

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