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GBPJPY trades in a narrow range between 173.96 and 172.95 for the past two days. It hit an intraday high of 173.60 and is currently trading around 173.577.
GBPUSD- Trend- Bearish
The pound sterling lost its shine on board-based US dollar buying. The delay in US debt negotiation and increased chance of a rate hike by the Fed in June supports the US dollar at lower levels. Any break below 1.2300 confirms further bearishness.
USDJPY- Bullish
The pair reverses from a minor bottom of 139.96 made yesterday. Significant resistance is 141/142.
GBPJPY analysis-
The near-term support is around 172.90, a breach below targets 172.50/171.60/170/169.30. The immediate resistance is at 174, any violation above will take the pair to 175/176.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 172.50 with SL around 171.60 for a TP of 175.
