GBPJPY continues to trade higher for a third consecutive week on the weak yen. It hits an intraday high of 183.76 and is currently trading around 183.23.
GBPUSD- Trend- Bullish
The pound sterling pared some of its gains on upbeat US economic data. Markets eye BOE Governor Bailey's speech for further direction. The policy divergence between US Fed and BOE supports the pound sterling at lower levels. Any close above 1.2750 confirms intraday bullishness.
USDJPY- Bullish
The pair trades higher on a minor jump in US treasury yields. The market awaits Powell's speech for further movement. Significant Resistance is 144/145.
GBPJPY analysis-
The near-term support is around 182.50, a breach below targets 181.65/181. The immediate resistance is at 184, any violation above will take the pair to 185/186.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 182.50-55 with SL around 181.80 for a TP of 185.
