GBPJPY trading in a narrow range between 182.67 and 184.38 for the past four days. It hit a high of 184.38 yesterday and is currently trading around 183.69.
GBPUSD- Trend- Bearish
The pound sterling recovered slightly after hitting a multi-month low. The dismal UK GDP has decreased the chance of a rate hike by the Bank of England. Any break below 1.2440 confirms further bearishness.
USDJPY- Bullish
The pair pared some of its despite upbeat US inflation 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.
