GBPJPY showed a minor pullback on the strong Pound sterling. It hit a high of 182.73 and is currently trading at around 182..45.
GBPUSD- Trend- Bearish
The pound sterling showed a minor jump as market appetite improved. Markets eye the UK average earnings index and US retail sales for further direction. The US Empire State manufacturing index declines to -4.6, compared to a forecast of -7. Any close above 1.2220 confirms further bullishness.
USDJPY- Bullish
The pair consolidating in a narrow range ahead of US retail sales. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 182.75, a breach above targets 183.25/184/184.60/185/186. The immediate support is at 182, any violation below will drag the pair to 181.15/180.70/178/176.50.
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.
