GBPJPY trades higher for the third consecutive day on weak yen. It hit a high of 183.19 yesterday and is currently trading around 182.80.
GBPUSD- Trend- Bearish
The pound sterling showed a nice pullback despite Moody's downgrade. It has downgraded the credit ratings of small and mid-sized banks and a negative outlook for 11 lenders. Philadelphia Fed President Harker said, "Should we be at that point where we can hold steady, we will need to be there for a while". Any break above 1.2800 confirms further bullishness.
USDJPY- Neutral
The pair showed a minor decline in easing US treasury yield. The significant resistance is 144/145.
GBPJPY analysis-
The near-term support is around 182.50, a breach below the target of 181.75/181/180.40. 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 stay away.
