Bearish divergence - CCI (50)
GBPJPY touched a multi-year high due to the weak yen. It hit a high of 185.46 yesterday and is currently trading around 18.
GBPUSD- Trend- Bearish
The pound sterling is trading flat despite hawkish FOMC meeting minutes. US FOMC meeting minutes indicate that the central bank to hike rates to tackle inflation. Any break above 1.2750 confirms further bullishness.
USDJPY- Neutral
The pair showed a nice pullback on surging US treasury yield. The significant resistance is 146/147.
GBPJPY analysis-
The near-term resistance is around 186.50, a breach above targets 188.50/190. The immediate resistance is at 185, any violation below will drag the pair to 184/183.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to sell on rallies around 186.75-80 with SL around 189 for a TP of 180.60.
