GBPJPY pared some of its gains on the weak Pound sterling. It hit a low of 187.17 yesterday and is currently trading at around 187.52.
GBPUSD- Trend- Neutral
The pound sterling lost more than 100 pips on weak UK inflation. The yearly inflation declined sharply to 4.6% in Oct vs the forecast of 4.8%. US PPI rose 1.3% YoY in Oct, compared to a forecast of 2.2%. The annual core PPI surged 2.4% in Oct vs. Forecast of 2.70%. US retail sales dropped 0.10% in Oct from the previous month's 0.90%. Empire State manufacturing index improved to 9.1 in Nov from -4.2 in Oct. Any close below 1.2375 confirms further bearishness.
USDJPY- Bullish
The pair showed a minor pullback despite a weak US PPI. The significant resistance is 152/153.
GBPJPY analysis-
The near-term resistance is around 188.35, a breach above targets 189.20/190. The immediate support is at 186.50, any violation below will drag the pair to 185.80/183.60/.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- nEUTRAL
It is good to buy at dips around 187 with SL around 186 for the TP of 189.25
