GBPJPY pared some of its gains on the weak pound sterling. It hits an intraday low of 180.93 and is currently trading around 181.49.
GBPUSD- Trend- Bullish
The pound sterling declined slightly after upbeat UoM consumer sentiment. The University of Michigan's consumer sentiment rose in Jul to 72.60, compared to a forecast of 65.50. The policy divergence between US Fed and BOE supports the Pound sterling at lower levels. Any break above 1.3050 confirms intraday bearishness.
USDJPY- Bullish
The pair trades higher despite declining US treasury yields. Significant resistance is 139/140.
GBPJPY analysis-
The near-term support is around 180.90, a breach below targets 180/179.25/178. The immediate resistance is at 181.60, any violation above will take the pair to 182/183.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to buy on dips around 181.25-30 with SL around 180.50 for a TP of 185.
