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GBPJPY trades flat after a massive sell-off. It hit a low of 180.75 the previous week and is currently trading at around 181.547.
GBPUSD- Trend- Bearish
The pound sterling has been under selling pressure for the past five weeks. The BOE's rate paused dragging the pair further down. The probability of rate pausing by BOE increased to 75% from 50%. Any close below 1.2220 confirms further weakness.
USDJPY- Bullish
The pair hits a fresh high on strong US treasury yields. The significant resistance is 148.50/150.
GBPJPY analysis-
The near-term resistance is around 182.50, a breach above targets 183.35/183.85/184.60/185. The immediate support is at 180.70, any violation below will drag the pair to 180/176.50.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- bearish
It is good to sell on rallies around 182.55-60 with SL around 183.35 for the TP of 180.
