FxWirePro- GBPJPY -Bearish Divergence in the weekly chart
Chart pattern- Bearish divergence (CCI (50) and RSI(14)
GBPJP was one of the best performers this week and jumped more than 500 pips on the strong pound sterling. It hits an intraday high of 180.63 and is currently trading around 180.55.
GBPUSD- Trend- Bullish
The pound sterling climbed sharply and hits its highest level in 14 months on board-based US dollar selling. Bank of England expected to hike further in coming months. The policy divergence between US Fed and BOE supports the pound sterling at lower levels. Any weekly close above 1.2800 confirms further bullishness.
USDJPY- Bullish
The pair pared some of its gains after BOJ's dovish status quo. Significant Resistance is 143/145.
GBPJPY analysis-
The near-term support is around 179.69, a breach below targets 179.30/178.25/177. The immediate resistance is at 181, any violation above will take the pair to 182/183.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to sell on rallies around 181.10-15 with SL around 182.40 for a TP of 178/177.
