GBPJPY declined sharply on weak Pound sterling. It hit a low of 183.18 at the time of writing and is currently trading around 183.60.
GBPUSD- Trend- Bearish
The pound sterling lost its shine after dismal UK GDP data. UK economy shrank by 0.50% in Jul, compared to a forecast of -0.20%. Any break below 1.2440 confirms further bearishness.
USDJPY- Bullish
The pair holds above the 147 level ahead of US CPI data. The significant resistance is 148/150.
GBPJPY analysis-
The near-term resistance is around 184.25, a breach above targets 184.60/185. The immediate support is at 182.80, any violation below will drag the pair to 182/180.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- bearish
It is good to sell on rallies around 183.75-80 with SL around 185 for the TP of 180.
