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
