GBPJPY is trading weak for the fourth consecutive day on a strong yen. It hits an intraday low of 180.65 and is currently trading around 180.82.
GBPUSD- Trend- Bullish
The pound sterling surged sharply despite weak UK jobs data. The number of people who have filed for unemployment benefits rose to 25.7K in June, compared to a forecast of 20.5K. The unemployment rate rose to 4% vs. an Estimate of 3.8%. Any break above 1.3000 confirms further bullishness.
USDJPY- Bearish
The pair declined below 140 on weak US treasury yield. Significant support is 139/138.
GBPJPY analysis-
The near-term support is around 180, a breach below targets 178.95/178. The immediate resistance is at 181.65, any violation above will take the pair to 182/183.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 181.15-20 with SL around 182 for a TP of 178.98.
