GBPJPY pared most of its gains on the weak Pound sterling. It hit a low of 181.38 at the time of writing and is currently trading at around 181.618.
GBPUSD- Trend- Bearish
The pound sterling trades below the 1.21500 level on the board-based US dollar buying. The escalation of geopolitical tension in the Middle East has increased the demand for safe-haven assets like dollars, and gold—markets eye Fed chairman Powell's speech for further direction. Any close above 1.2100 confirms further bearishness.
USDJPY- Bullish
The pair are consolidating in a narrow range ahead of the Fed chairman's speech. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 182, a breach above targets 182.75/183.25/184/184.60/185/186. The immediate support is at 181.40, 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 182.25-30 with SL around 183 for the TP of 178/176.50.
