FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor sell-off on the strong yen. It hit a low of 187.05 at the time of writing and is currently trading at around 187.17.

 GBPUSD- Trend- Bullish

The pound sterling traded higher for a third consecutive week on board-based US dollar weakness new home sales in Oct 2023 came at 679000 compared to a forecast of 725000. Market eyes CB consumer confidence for further direction. Any close above 1.2650 confirms further bullishness.

USDJPY- Bearish

 The pair pared most of its gains on weak US new home sales. 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 sell on rallies around 188 with SL around 189 for the TP of 186.