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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor pullback on the weak yen. It hit a high of 183.67 at the time of writing and is currently trading around 183.50.

 

 GBPUSD- Trend- Bearish

 

The pound sterling hits a multi-month low on mixed US economic data. US retail sales rose 0.60% in Aug mainly due to a surge in gas prices. Core retail sales came at 0.60% in August, above the forecast of 0.40%. US wholesale inflation +1.6% y/y vs. +1.2% expected. Any break below 1.2380 confirms further bearishness.

 

 

USDJPY- Bullish

 

 The pair recovered further upbeat US retail sales data. The significant resistance is 148/150.

 

 GBPJPY analysis-

 

 The near-term resistance is around 183.86, a breach above targets 184.60/185. The immediate support is at 182.50, 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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