GBPJPY lost its shine on the weak pound sterling. It hits a low of 180.74 and is currently trading around 181.80.
GBPUSD- Trend- Bullish
The pound sterling showed a minor sell-off after dismal UK PMI data. It declined to three months low of 45 in Apr, compared to a forecast of 46.10. Any break below 1.2780 confirms intraday bearishness.
USDJPY- Bullish
The pair trades flat ahead of US CB Consumer confidence. Significant resistance is 142/143.
GBPJPY analysis-
The near-term support is around 181.50, a breach below the target of 180.70/179.70. 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
Buying on dips around 181.50 with SL around 180.60 for a TP of 184 is good.
