GBPJPY consolidating in a narrow range between 182.52 and 179.73 for the past three days. It hits a high of 182.01 yesterday and is currently trading around 181.74.
GBPUSD- Trend- Bullish
The pound sterling showed a minor pullback ahead of US Fed monetary policy. Any hawkish rate hike by Fed will drag the pair further down. Any break below 1.27800 confirms further bearishness.
USDJPY- Bullish
The pair declined slightly ahead of the US FOMC meeting. 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 181.50 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.
