GBPJPY jumped slightly after hitting a week low. It hit a low of 183.05 yesterday and is currently trading around 183.737.
GBPUSD- Trend- Bearish
The pound sterling showed a dead cat bounce after a month's sell-off. The correction in the US dollar was mainly due to a 2% decline in US treasury yields despite upbeat US jobless data. The number of people who have filed for unemployment benefits has dropped by 13000 to 216000 in the week ended Sep 2, compared to a forecast of 232000. Any break below 1.2460 confirms further bearishness.
USDJPY- Bullish
The pair trades higher on dismal Japanese GDP data. The significant resistance is 148/150.
GBPJPY analysis-
The near-term resistance is around 184.20, a breach above targets 185/186/186.50/187/188.50. The immediate support is at 183, any violation below will drag the pair to 182/180.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- bearish
It is good to buy on dips around 183.45-50 with SL around 183 for the TP of 186.65.
