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FxWirePro- GBPJPY Daily Outlook

GBPJPY  showed a minor pullback after a major sell-off. It hit a low of 184.45 yesterday and is currently trading at around 186.42.

 

 GBPUSD- Trend- Neutral

 

The pound sterling pared some of its gains after the FOMC meeting minutes. Fed officials unanimously decided to keep the benchmark lending rate unchanged in a range of 5.25% to 5.5%. The Fed members agreed that the central bank would hike rates if incoming data was insufficient.

 Any close above 1.2550 confirms further bullishness.

 

 

USDJPY- Bullish

 

 The pair surged sharply after the FOMC  meeting minutes. The significant resistance is 152/153.

 

 The near-term resistance is around 187, a breach above targets 188.35/ 189.20/190. The immediate support is at 184.50, any violation below will drag the pair to 183.60/182.50.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to buy on dips around 186 with SL around 185 for the TP of 188.

 

 

 

 

 

 

 

 

 

 

 

 

 

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