GBPJPY showed a massive recovery of over 500 pips on the weak Yen. It hit a high of 182.42 yesterday and is currently trading around 141.72.
GBPUSD- Trend- Bullish
The pound sterling recovered above 1.2850 after weak US PCE data. According to the commerce department, the PCE index increased 0.20%, in line with the estimate. Core inflation rose 4.1% YoY, down from 4.6% in May. Any break above 1.2900 confirms further bullishness.
USDJPY- Bullish
The yen dropped sharply on upbeat US economic data. Significant resistance is 142.50/144.
GBPJPY analysis-
The near-term support is around 181.50, a breach below the target of 180.80/180. The immediate resistance is at 183, any violation above will take the pair to 184/185.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 182 with SL around 181 for a TP of 185.
