GBPJPY trades in a narrow range between 182.28 and 180.35 for the past three days. It hits a high of 181.84 and is currently trading around 181.438.
GBPUSD- Trend- Bullish
The pound sterling edges lower for the fourth consecutive day on profit booking. Market eye UK CPI data for further direction. UK CPI YoY is expected to fall to 8.2%, down from 8.7% in May. Any dismal UK CPI will drag the pound sterling further lower. Any break below 1.3000 confirms intraday bearishness.
USDJPY- Bullish
The pair trades higher despite weak US retail sales data. Significant resistance is 140/141.20.
GBPJPY analysis-
The near-term support is around 180.90, a breach below targets 180/179.25/178. The immediate resistance is at 182, any violation above will take the pair to 183/184.
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.
