GBPJPY trades in a narrow range between 186.18 and 185.06 for the past two days. It hit a low of 185.14 yesterday and is currently trading at around 185.238.
GBPUSD- Trend- Bullish
The pound sterling pared some of its gains ahead of US ADP employment data. US ISM services PMI rose to 52.70 in November, compared to a forecast of 52. Market eyes UK construction PMI and BOE governor Bailey's speech for further movement. Any close below 1.2600 confirms further bearishness.
USDJPY- Bearish
The pair showed a minor pullback after dovish BOJ commentary. The significant support is 146.50/145.
GBPJPY
The near-term resistance is around 186.20, a breach above targets 186.60/187.50/188.65. The immediate support is at 185, any violation below will drag the pair to 184.50/183.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 186 with SL around 187 for the TP of 184.
