GBPJPY pared most of its gains on the weak Pound sterling. It hit a low of 181.16 and is currently trading at around 181.85.
GBPUSD- Trend- Bearish
The pound sterling lost its shine as the escalation between Israel and Palestine increased demand for safe-haven assets like the US dollar. The University of Michigan consumer sentiment declined to 63 In Oct vs. a Forecast of 67.40. Markets eye the Empire State manufacturing index for further direction. Any close below 1.2120 confirms further bearishness.
USDJPY- Bullish
The pair showed a minor momentum on risk aversion. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 182.50, a breach above targets 183.25/184/184.60/185/186. The immediate support is at 181.50, any violation below will drag the pair to 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.
