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FxWirePro- GBPJPY Daily Outlook

GBPJPY trades higher for the fourth consecutive day on strong pound sterling. It hit a high of 187.65 yesterday and is currently trading at around 187.95

 

 GBPUSD- Trend- Bullish

 

The pound sterling was one of the best performers in this month. The board-based- US dollar selling and hawkish BOE support Pound sterling at lower levels. Any close above 1.2650 confirms further bullishness.

 

 

USDJPY- Bearish

 

 The pair pared most of its gains ahead of US housing data. The significant support is 147/145.

 

 The near-term resistance is around 188.65, a breach above targets 189.20/190. The immediate support is at 187, any violation below will drag the pair to 186.50/185.40

 

  Indicators (4-hour chart)

 

  CCI (50)- Bullish

 

  ADX- Bullish

  It is good to buy on dips around 188 with SL around 187 for the TP of 190.

 

 

 

 

 

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