GBPJPY is trading higher for a second consecutive day on weak yen. It hit a high of 184.90 at the time of writing and is currently trading around 184.868.
GBPUSD- Trend- Bearish
The pound sterling edges towards 1.2650 on board-based US dollar weakness. Federal Reserve Chairman Powell stated that the central bank will decide the next rate hike movement based on data. The less hawkish tone by the fed supports the pair at lower levels. Any break above 1.2660 confirms further bullishness.
USDJPY- Neutral
The pair recovered sharply despite upbeat Japanese inflation. The significant resistance is 147/148.
GBPJPY analysis-
The near-term resistance is around 185, a breach above targets 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 stay away.
