GBPJPY showed a minor pullback on the weak yen. It hit a high of 183.67 at the time of writing and is currently trading around 183.50.
GBPUSD- Trend- Bearish
The pound sterling hits a multi-month low on mixed US economic data. US retail sales rose 0.60% in Aug mainly due to a surge in gas prices. Core retail sales came at 0.60% in August, above the forecast of 0.40%. US wholesale inflation +1.6% y/y vs. +1.2% expected. Any break below 1.2380 confirms further bearishness.
USDJPY- Bullish
The pair recovered further upbeat US retail sales data. The significant resistance is 148/150.
GBPJPY analysis-
The near-term resistance is around 183.86, a breach above targets 184.60/185. The immediate support is at 182.50, 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.
