GBPJPY pares most of its gains on the weak Pound sterling. It hit a low of 181.10 yesterday and is currently trading at around 182.
GBPUSD- Trend- Bearish
The pound sterling declines to a multi-week low on board-based US dollar buying. The escalation of war between Israel and Hamas has increased demand for safe-haven assets like the US dollar. Markets eye ECB monetary policy, and US advance GDP for further direction. Any close below 1.2050 confirms further bearishness.
USDJPY- Bullish
The pair surged above 150 and hit a multi-year high on strong US treasury yields. The significant resistance is 152/153.
GBPJPY analysis-
The near-term resistance is around 182.40, 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 181.50/180.70/178/176.50.
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.
