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FxWirePro- GBPJPY Daily Outlook

GBPJPY showed a minor pullback after hitting a multi week low on strong yen. It hit a low of 185.51 at the time of writing and is currently trading at around 186.10.

 

 GBPUSD- Trend- Bullish

 

The pound sterling jumped slightly despite hawkish comments from the fed chairman.US ISM manufacturing PMI dropped to 46.70 compared to a forecast of 47.90.  Hawkish comments from Bank of England officials supporting the pound at lower levels. Any close above 1.2730 confirms further bullishness.

 

 

USDJPY- Bearish

 

 The pair lost its shine on easing US treasury yield. The significant support is 146.50/145.

 

GBPJPY

 

The near-term resistance is around 186.60, a breach above targets 187.50/188.65. The immediate support is at 186.50, any violation below will drag the pair to 185.40/184.50.

 

  Indicators (4-hour chart)

 

  CCI (50)- Bearish

 

  ADX- Bearish

 

  It is good to sell on rallies around 186.45-50 with SL around 187.50 for the TP of 185.40/184.

 

 

 

 

 

 

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