GBPJPY recovered above 180 on the strong pound sterling. It hits an intraday high of 180.52 and is currently trading around 180.14.
GBPUSD- Trend- Bullish
The pound sterling surged sharply and hits a 15-month high on board-based US dollar selling. US CPI declined to 3% YoY in June, compared to a forecast of 3%. On a monthly basis, inflation dropped to 0.2% vs. the forecast of 0.30%. Any break above 1.3030 confirms further bullishness.
USDJPY- Bearish
The pair lost its shine after weak US CPI. Significant support is 138/136.50
GBPJPY analysis-
The near-term support is around 178.95, a breach below targets 178/176. The immediate resistance is at 180.60, any violation above will take the pair to 181.65/182/183.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 180.55-60 with SL around 181.65 for a TP of 178.
