GBPJPY is trading in a narrow range between 182.28 and 180.56 for the past two days. It hits an intraday low of 180.56 and is currently trading around 181.26.
GBPUSD- Trend- Bullish
The pound sterling showed a minor sell-off after hitting a multi-month high. It has surged sharply the previous week on easing US inflation. Markets eye UK CPI data tomorrow for further direction. Any break above 1.3050 confirms intraday bearishness.
USDJPY- Bullish
The pair trades flat ahead of US retail sales. 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.
