GBPJPY showed a minor pullback after the UK inflation data. It hit a high of 182.73 at the time of writing and is currently trading at around 182.546.
GBPUSD- Trend- Bearish
The pound sterling jumped above the 1.2200 level after UK inflation data UK CPI increased 6.7% YoY in September, compared to a forecast of 6.5%. On a monthly basis, it rose to 0.50% vs. an estimate of 0.40%. Any close above 1.2220 confirms further bullishness.
USDJPY- Bullish
The pair consolidating in a narrow range despite upbeat 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.
