GBPJPY showed a minor sell-off on Pound sterling weakness. It hits an intraday low of 182.19 and is currently trading around 182.33.
GBPUSD- Trend- Bearish
The pound sterling trading weak for a second consecutive day on board-based US dollar buying. The US economy has expanded at an annualized pace of 2.1% in the first quarter, above the estimate of 1.40%. Any break below 1.2600 confirms intraday bearishness.
USDJPY- Bullish
The pair pared some of its gains despite declining US treasury yield. Significant Resistance is 145.250/146.
GBPJPY analysis-
The near-term support is around 182, 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 with SL around 181 for a TP of 185.
