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FxWirePro- GBPJPY Daily Outlook

GBPJPY trades higher for the third consecutive day on weak yen. It hit a high of 183.19 yesterday and is currently trading around 182.80.

 

 GBPUSD- Trend- Bearish

 

The pound sterling showed a nice pullback despite Moody's downgrade. It has downgraded the credit ratings of small and mid-sized banks and a negative outlook for 11 lenders. Philadelphia Fed President Harker said, "Should we be at that point where we can hold steady, we will need to be there for a while".  Any break above 1.2800  confirms further bullishness.

 

 

USDJPY- Neutral

 

 The pair showed a minor decline in easing US treasury yield. 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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