GBPJPY trades flat between 182.52 and 179.46 for the past three weeks. It hits a high of 181.94 yesterday and is currently trading around 181.414.
GBPUSD- Trend- Bullish
The pound sterling hit one week high after the Fed monetary policy. The central bank hiked rates by 25bpbs and kept the door open for further rate hikes if data warranted. The probability of a rate hike in Sep dropped to 20& from 78.7% a day ago. Any break above 1.3000 confirms further bullishness.
USDJPY- Bullish
The pair recovered slightly ahead of BOJ monetary policy meeting. The policy divergence between Fed and BOJ supports USDJPY at lower levels. Significant resistance is 140.80/142.
GBPJPY analysis-
The near-term support is around 180.80, a breach below the target of 180/179.70. 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.
