Candlestick pattern- Shooting star
GBPJPY pared some of its gains on the weak Pound sterling. It hit an intraday low of 172.61 and is currently trading around 172.728.
GBPUSD- Trend- Bearish
The pound sterling declined more than 50 pips from a minor top of 1.24450 on board-based US dollar buying. Markets eye the US House of Representatives vote on the US debt deal for further direction. Any break below 1.2300 confirms further bearishness.
USDJPY- Bullish
The pair trades below 140 on declining US treasury yield. Significant resistance is 141/142.
GBPJPY analysis-
The near-term support is around 172.50, a breach below targets 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- Neutral
It is good to buy on dips around 172.50 with SL around 171.60 for a TP of 175.
