GBPJPY showed a minor decline in pound sterling weakness. It hit a low of 183.34 and is currently trading around 183.67.
GBPUSD- Trend- Bearish
The pound sterling hit a 2.5-month low against the US dollar ahead of Powell's speech at the Jackson Hole symposium. Any hawkish comments will drag the pair further down. Any break below 1.2550 confirms further bearishness.
USDJPY- Neutral
The pair recovered higher ahead of the BOJ and Powell speech at the Jackson hole symposium. The significant resistance is 146.50/148.
GBPJPY analysis-
The near-term resistance is around 184, a breach above targets 184.70/185.10/186.50/187/188.50. The immediate support is at 183.45, any violation below will drag the pair to 183/182.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- neutral
It is good to sell on rallies around 184.10--15 with SL around 184.80 for a TP of 180.60.
