FxWirePro- GBPJPY Daily Outlook

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FxWirePro- GBPJPY Daily Outlook

Wednesday, May 24, 2023 6:51 AM UTC

GBPJPY holds above 172.50 on the strong pound sterling. It hits an intraday high of 172.79 and is currently trading around 172.732.

GBPUSD- Trend- Neutral

The pound sterling gained above 1.24500 on upbeat UK CPI data. UK annual inflation jumps to 6.8%, the highest since Mar 1992. Core CPI m/m came at 1.30% vs 0.70% expected. Any break above 1.2485 confirms further bullishness.

USDJPY- Bullish

The pair pared some of its gains after hitting six months high on the US debt deal delay. Significant resistance is 139/140.

GBPJPY analysis-

The near-term support is around 171.50, a breach below the targets of 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- Bullish

It is good to buy on dips around 172 with SL around 171 for a TP of 174

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