GBPJPY showed a nice recovery of more than 100 pips on a weak yen. It hit a high of 185.72 and is currently trading at around 185.69.
GBPUSD- Trend- Neutral
The pound sterling pared some of its loss and holds above the 1.2200 level. The pair recovered due to the strong UK GDP and weak US dollar. Markets await US CPI, UK jobs, and CPI for further direction this week. Any close below 1.2230 confirms further bearishness.
USDJPY- Bullish
The pair surged after the hawkish 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 185.20-25 with SL around 184.50 for the TP of 188.
