GBPJPY surged sharply on the weak Yen. It hits a high of 182.52 and is currently trading around 181.85.
GBPUSD- Trend- Bullish
The pound sterling trades flat after a minor pullback. Markets eye UK flash manufacturing PMI for further direction. Any upbeat data will increase the chance of BOE to hike rates. Any break above 1.2900 confirms intraday bullishness.
USDJPY- Bullish
The pair trades above the 141 level on dovish BOJ. The policy divergence between Fed and BOJ supports USDJPY at lower levels. Significant resistance is 142/143.
GBPJPY analysis-
The near-term support is around 181.70, a breach below the target of 181/179.70. The immediate resistance is at 182.60, any violation above will take the pair to 183/184.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 181.50 with SL around 180.60 for a TP of 184.
