GBPJPY trades in a narrow range between 180.72 and 183.02 for the past ten days. It is currently trading at around 182.571.
GBPUSD- Trend- Bearish
The pound sterling showed a minor pullback after upbeat UK GDP data. It came at an annualized rate of 0.60, above expectations of 0.40%. US annual PCE inflation advanced 3.9% in August, in line with estimates. On a monthly basis, Personal consumption expenditure rose 0.1%, below the estimate of 0.20%. Any close above 1.2250 confirms further bullishness.
USDJPY- Bullish
The pair gained sharply on surging 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 182.75-80 with SL around 183.60 for the TP of 176.50.
