GBPJPY has traded in a narrow range between 180.71 and 181.68 for the past week. It hit a low of 180.85 yesterday and is currently trading at around 181.509.
GBPUSD- Trend- Bearish
The pound sterling remains under pressure on board-based US dollar buying. US durable goods orders rose 0.20% in August vs. -0.50% expected. Core durable goods orders jumped 0.40% in August, compared to a forecast of 0.20%. Markets eye US final GDP, US jobless claims, and Powell's speech for further direction. Any close below 1.2100 confirms further weakness.
USDJPY- Bullish
The pair hits an 11-month high on surging US treasury yield. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 181.75, a breach above targets 182.50/183.35/183.85/184.60/185. 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- Neutral
It is good to sell on rallies around 181.55-60 with SL around 182.30 for the TP of 176.50.
