GBPJPY hits a multi-year high on a weak yen. It hit a high of 184.24 yesterday and is currently trading around 183.55.
GBPUSD- Trend- Bearish
The pound sterling pared some of its gains made after US inflation annual CPI rose 3.2% in Jul, compared to a forecast of 3.3%. The headline and core inflation m/m came at 0.20% in line with expectations. head of US CPI data. Markets eye UK GDP data for further direction. Any break below 1.2650 confirms further bearishness.
USDJPY- Neutral
The pair hit a fresh multi-week high on policy divergence between the US fed and BOJ. The significant resistance is 145/146.
GBPJPY analysis-
The near-term support is around 183.30, a breach below the target of 182.75/182.33/182. The immediate resistance is at 184.25, 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.
