GBPJPY showed a minor pullback after 200 pips sell-off. The pair was one of the best performers in the past three weeks on a weak yen. It hit a high of 186.47 and is currently trading around 185.22.
GBPUSD- Trend- Bearish
The pound sterling consolidated in a narrow range between 1.26891 and 1.27558 for the past two days. The pair dropped slightly after dismal UK retail sales yesterday. Any break below 1.2680 confirms further bearishness.
USDJPY- Neutral
The pair recovered slightly on surging US treasury yields. The significant resistance is 146/147.
GBPJPY analysis-
The near-term resistance is around 185.60, a breach above targets 186.50/187/188.50. The immediate support is at 184.38, any violation below will drag the pair to 183.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- neutral
It is good to sell on rallies around 185.58-60 with SL around 186.55 for a TP of 180.60.
