Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro- GBPJPY Daily Outlook

GBPJPY  is trading in a narrow range between 172.79 and 171.22 for the past week.  It hits a high of 172.77 yesterday and is currently trading around 172.29.

 

 GBPUSD- Trend- Bearish

 

 The pound sterling hits a fresh six-week low on board-based US dollar buying. Markets eye UK retail sales data for further direction. US debt deal optimism supporting US dollar index at lower levels. Any break below 1.2320 confirms further bearishness.

 

USDJPY- Bullish

  The pair is trading high for the third consecutive week on surging US bond yields. Significant resistance is 140.25/142.

 

 GBPJPY analysis-

 

 The near-term support is around 171.65 a breach below the targets of 171.20/170/169.30/168.80. The immediate resistance is at 172.50, any violation above will take the pair to 175.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Neutral

 

  It is good to buy on dips around 172 with SL around 171.20 for a TP of 174.

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.