GBPJPY traded higher for a third consecutive week and surged more than 12% on a weak yen. It hits an intraday high of 182.94 and is currently trading around 182.84.
GBPUSD- Trend- Bullish
The pound sterling erased most of its gains made after the Bank of England hiked rates by 50 bpbs. Any break above 1.2750 confirms intraday bullishness.
USDJPY- Bullish
The pair hits fresh week high on surge in US treasury yield. Significant Resistance is 144/145.
GBPJPY analysis-
The near-term support is around 182.50, a breach below targets 181.80/181. The immediate resistance is at 183, any violation above will take the pair to 184/185.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 181.55-60 with SL around 181 for a TP of 185.
