GBPJPY is consolidating in a narrow range between 169.39 and 170.83 for the past three days. It hits an intraday high of 170.55 and is currently trading around 170.52.
GBPUSD- Trend- Bearish
The pound sterling declined more than 50 pips after weak UK employment data. Markets eye BOE Gov Baliey's speech and US debt ceiling negotiations deal for further direction. Any break below 1.2430 confirms further bearishness.
USDJPY- Bullish
The pair continues to trade higher despite upbeat Japanese GDP data. Significant resistance is 138/140.
GBPJPY analysis-
The near-term support is around 169.30, a breach below the targets of 168.80/168. The immediate resistance is at 171.20, any violation above will take the pair to 172.50/175.
Indicators (4-hour chart)
CCI (50)- neutral
ADX- Neutral
It is good to buy on dips around 169.15-20 with SL around 168.80 for a TP of 172.
