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GBPJPY trades in a narrow range between 185.95 and 184.54 for the past three days. It hit a high of 185.95 and is currently trading at around 184.91.
GBPUSD- Trend- Neutral
The pound sterling traded flat ahead of the Fed Chairman's Speech. Bank of England Governor said that inflation would decline sharply due to weak crude oil prices and confirmed that it is early to discuss about rate cuts. Any close below 1.2230 confirms further bearishness.
USDJPY- Bullish
The pair trades higher ahead of the Fed chairman's speech. The significant resistance is 152/153.
GBPJPY analysis-
The near-term resistance is around 186, a breach above targets 186.75/188.45 The immediate support is at 184.95, any violation below will drag the pair to 184.25/183.60/.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy at dips around 184.75-80 with SL around 184.20 for the TP of 188.
