GBPJPY trades in a narrow range between 183.81 and 181 for the past ten days. It hit a low of 181.26 yesterday and is currently trading at around 182.21.
GBPUSD- Trend- Bearish
The pound sterling showed a minor pullback on short covering. The war between Israel and Hamas intensified and has increased demand for safe-haven assets like the dollar. Any close above 1.2200 confirms further bullishness.
USDJPY- Bullish
The pair trades near the previous week's high on the hawkish Fed. 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.
