FxWirePro- GBPJPY Daily Outlook

GBPJPY pared most gains after a minor pullback to 168.79. It hits an intraday low of 166.34 and is currently trading around 166.79.

GBPUSD- Trend- Bullish

Cable is hovering near 200-day EMA after three days of the bullish trend. Around 200000 workers went on strike in the UK as employees demand more salaries due to the surge in the cost of living. Any close above 1.21025 will take to the next level 1.2180. Minor support to watch- 1.2050/1.2000.

USDJPY- Bearish

It hits a 12-week low on board-based US dollar selling. The increase in the COVID virus cases in China and the decline in US treasury yield supported the yen at lower levels. Any drop below 137.50 confirms further weakness. Minor resistance is 140/141.80.

GBPJPY analysis-

The near-term support is around 166, a breach below targets 165/163.90. The immediate resistance is around 167, a jump above will take the pair to 167.50/169.10/170.

Indicators (4-hour chart)

CCI (50) – Bearish

ADX- Neutral

It is good to sell on rallies around 167.50-55 with SL 168.80 for a TP of 163.90.