GBPJPY has shown a minor pullback as the Pound sterling recovered from a multi-month low. It hit a high of 182.66 and is currently trading at around 181.973.
GBPUSD- Trend- Bearish
The pound sterling jumped more than 100 pips on US dollar profit booking.US real GDP grew at an annual rate of 2.1% in Q2 as expected. The number of people who have filed for unemployment benefits rose to 204K in the week ended September 23rd, 2023, compared to a forecast of 215000. Any close above 1.2250 confirms further bullishness.
USDJPY- Bullish
The pair pared some of its gains from an 11-month high on easing US treasury yield. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 182.75, a breach above targets 183.35/183.85/184.60/185. The immediate support is at 181.50, any violation below will drag the pair to 180.70/180/176.50.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to sell on rallies around 182.15-20 with SL around 183 for the TP of 176.50.
