GBPJPY hit a multi-week low on weak Pound sterling. It hit a low of 176.40 yesterday and is currently trading around 178.25.
GBPUSD- Trend- Bullish
The pound sterling lost its shine on upbeat US GDP data. US GDP accelerated to a 2.4% annualized rate in Q2, compared to a forecast of 1.8%. European central bank hiked its rates by bpbs to 4.25% as expected. The central has kept its door open for further tightening to tackle inflation. Any break below 1.27800 confirms further bearishness.
USDJPY- Bullish
The yen gained sharply as BOJ kept its rates unchanged and loosened yield curve control. Significant resistance is 140/141.
GBPJPY analysis-
The near-term support is around 178, a breach below the target of 176/175. The immediate resistance is at 180, any violation above will take the pair to 181/182.50.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 180 with SL around 181 for a TP of 176.
