GBPJPY surged more than 100 pip from the minor bottom on the pound sterling pullback. It hits an intraday high of 180.91 and is currently trading around 181.57.
GBPUSD- Trend- Bullish
The pound sterling showed a minor pullback on strong UK retail sales. It rose 0.70% m/m in June, compared to a forecast of 0.20%. This has increased the chance of a rate hike by BOE in the next meeting. Any break above 1.2900 confirms intraday bullishness.
USDJPY- Bullish
The pair trades above the 140 level on the US treasury yield pullback. Significant resistance is 140.70/142.
GBPJPY analysis-
The near-term support is around 179.80, a breach below the target of 179.25/178. The immediate resistance is at 180.85, any violation above will take the pair to 182/183/184.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to buy on dips around 180.68-70 with SL around 179.70 for a TP of 184.
