GBPJPY showed a massive sell-off of more than 700 pips on the strong yen. It hit a low of 178.53 yesterday. It is currently trading at around 181.17.
GBPUSD- Trend- Bullish
The pound sterling is trading flat ahead of the US Nonfarm payroll. The number of people who have filed for unemployment benefits rose by 1000 to 220K for the week ending Dec 2, compared to a forecast of 221 K. Any close below 1.2500 confirms further bearishness.
USDJPY- Bearish
The pair lost its momentum in hopes of a rate hike by BOJ in 2024. The significant support is 141.50/140.
GBPJPY
The near-term resistance is around 181.50 a breach above targets 183/184. The immediate support is at 178, any violation below will drag the pair to 176/175.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 182 with SL around 183 for the TP of 176.
