GBPJPY consolidating in a narrow range between 184.38 and 182.51 for the past ten days. It hit a high of 183.09 at the time of writing and is currently trading around 183.
GBPUSD- Trend- Bearish
The pound sterling hits a multi-month low on board-based US dollar buying. Markets eye UK CPI and BOE rate decision for further direction. Any break below 1.2380 confirms further bearishness.
USDJPY- Bullish
The pair hovering near a multi-month high despite the easing US treasury yield. The significant resistance is 148/150.
GBPJPY analysis-
The near-term resistance is around 183.35, a breach above targets 183.85/184.60/185. 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.
