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FxWirePro- GBPJPY Weekly Outlook

GBPJPY showed a nice pullback of more than 450 pips the previous week on the weak Yen. It hits a high of 162.17 and is currently trading around 161.428.

 

 GBPUSD- Trend- Bearish

 

  The pound sterling reversed its bearish trend on upbeat UK retail sales. It came at 0.50% in Jan, above the estimate of -0.30%. Market eyes UK flash manufacturing and services PMI for further direction. Any close above 1.2075 targets 1.2150.

 

 USDJPY- Bearish

  The pair showed a minor sell-off despite a strong US treasury yield. Major resistance is 134.80/136.

 

 GBPJPY analysis-

 The near-term support is around 160.70, a breach below targets of 160/159/158/156.70/155.60/155. The immediate resistance is at 162.20, any violation above will take the pair to 163/165.

 

 Indicators (4-hour chart)

 

 CCI (50) –bullish

 

 ADX- Neutral

 

It is good to buy on dips around 160.50-55 with SL around 159 for a TP of 163/165.

 

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