GBPJPY trades above 183 after a long consolidation. It hit a high of 183.201 yesterday and is currently trading around 183.18.
GBPUSD- Trend- Bearish
The pound sterling trades slightly lower ahead of US CPI data. Inflation is expected to show a minor uptick last month. Any drastic surge in US CPI drags the pair further down. Any break below 1.2680 confirms further bearishness.
USDJPY- Neutral
The pair hit a fresh monthly high ahead of US CPI data. The significant resistance is 145/146.
GBPJPY analysis-
The near-term support is around 182.50, a breach below the 181.75/181/180.40 target. The immediate resistance is at 184, any violation above will take the pair to 185/186.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 183 with SL around 182.36 for a TP of 186.
