GBPJPY pared some of its gains on the strong yen. It hit a high of 181.04 yesterday and is currently trading at around 181.25.
GBPUSD- Trend- Bearish
The pound sterling has traded in a narrow range between 1.21622 and 1.20693 for the past three days. The annual Core PCE index rose 3.7% from 3.8% the previous month. The PCE price index rose 0.30% m/m in line with the estimate. UoM consumer sentiment revised to 63.8 vs. 63 expected. Any close above 1.2165 confirms further bullishness.
USDJPY- Bullish
The pair declined below the 150 level amid a mixed US PCE index. The significant resistance is 151/152.
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, any violation below will drag the pair to 180.70/178/176.50.
Indicators (4-hour chart)
CCI (50)- Neutral
ADX- bearish
It is good to sell on rallies around 181.55-60 with SL around 182.30 for the TP of 178/176.50.
