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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor decline in pound sterling weakness. It hit a low of 183.34 and is currently trading around 183.67.

 

 GBPUSD- Trend- Bearish

 

The pound sterling hit a 2.5-month low against the US dollar ahead of Powell's speech at the Jackson Hole symposium. Any hawkish comments will drag the pair further down. Any break below 1.2550 confirms further bearishness.

 

 

USDJPY- Neutral

 

 The pair recovered higher ahead of the BOJ and Powell speech at the Jackson hole symposium. The significant resistance is 146.50/148.

 

 GBPJPY analysis-

 

 The near-term resistance is around 184, a breach above targets 184.70/185.10/186.50/187/188.50. The immediate support is at 183.45, any violation below will drag the pair to 183/182.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- neutral

 

  It is good to sell on rallies around  184.10--15 with SL around 184.80 for a TP of 180.60.

 

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