GBPJPY showed a nice pullback on the strong Pound sterling. It hit a high of 183.75 at the time of writing and is currently trading at around 183.30.
GBPUSD- Trend- Bearish
The pound sterling jumped slightly after mixed UK employment data. The ILO unemployment rate declined slightly to 4.2% in the quarter to Aug, compared to a forecast of 4.30%. The number of people who have filed for unemployment benefits jumped by 20.4K in Sep vs. an Estimate 2.3K. Any close above 1.2350 confirms further bullishness.
USDJPY- Bullish
The pair pared some of its gains on easing US treasury yield. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 184, a breach above targets 185/185.85/186.75. The immediate support is at 183, any violation below will drag the pair to 182.50/181.30.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 183.25-30 with SL around 182.50 for the TP of 186.
