GBPJPY is trading in a narrow range between 183.92 and 182.19 for the past four days. It hits a low of 182.19 and is currently trading around 183.62.
GBPUSD- Trend- Bullish
The pound sterling holds above 1.2700 ahead of the US FOMC meeting minutes. Markets will examine what further actions will be taken by Fed this year. Any break above 1.2750 confirms intraday bullishness.
USDJPY- Bullish
The pair trades higher on policy divergence between US Fed and BOJ. Significant Resistance is 145.250/146.
GBPJPY analysis-
The near-term support is around 182.90, a breach below targets 182/181.65/181. 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 183 with SL around 182 for a TP of 185.
