GBPJPY pared some of its gains after hitting a multi-year high on weak pound sterling. 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 despite strong UK GDP data. The UK economy grew by 0.20% in Q2, compared to an estimate of 0.0%. US Core PPI edged marginally higher to 0.30%, slightly above the forecast of 0.20%. Any break below 1.2650 confirms further bearishness.
USDJPY- Neutral
The pair showed a minor profit booking as Bank of Japan intervention. The significant resistance is 145.25/146.
GBPJPY analysis-
The near-term support is around 183.40, a breach below targets 182.50/181.80/181. 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.
