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FxWirePro- GBPJPY Daily Outlook

GBPJPY declined sharply on weak Pound sterling. It hit a low of 183.18 at the time of writing and is currently trading around 183.60.

 

 GBPUSD- Trend- Bearish

 

The pound sterling lost its shine after dismal UK GDP data. UK economy shrank by 0.50% in Jul, compared to a forecast of -0.20%. Any break below 1.2440 confirms further bearishness.

 

 

USDJPY- Bullish

 

 The pair holds above the 147 level ahead of US CPI data. The significant resistance is 148/150.

 

 GBPJPY analysis-

 

 The near-term resistance is around 184.25, a breach above targets 184.60/185. The immediate support is at 182.80, any violation below will drag the pair to 182/180.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- bearish

 

  It is good to sell on rallies around 183.75-80 with SL around 185 for the TP of 180.

 

 

 

 

 

 

 

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