FxWirepro- GBPJPY Daily Outlook

GBPJPY pared some of its gains on the weak Pound sterling. It hit a low of  182.29 and is currently trading at around 182.51.

 GBPUSD- Trend- Bearish

The pound sterling lost its shine after upbeat US inflation data. The US CPI rose 0.40% m/m in Sep 2023 above the estimate of 0.30% and 3.7% a year ago. Core CPI rose 0.30% m/m in Aug and 4.1% YoY. Markets eyes BOE Gov Bailey speech for further direction. Any close below 1.2150 confirms further bearishness.

USDJPY- Bullish

 The pair recovered sharply after strong US CPI data. The significant resistance is 150/152.

 GBPJPY analysis-

 The near-term resistance is around 183, a breach above targets 184/184.60/185/186. The immediate support is at 182.20, any violation below will drag the pair to 181.50/180.70/178/176.50.

  Indicators (4-hour chart)

  CCI (50)- Bearish

  ADX- Neutral

  It is good to sell on rallies around 183 with SL around 184 for the TP of 178/176.50.