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.