GBPJPY showed a minor pullback on the pound sterling recovery. It hit a high of 184.36 and is currently trading around 184.32.
GBPUSD- Trend- Bearish
The pound sterling lost more than 150 pips after dismal UK flash PMI. S&P global manufacturing PMI dropped to 42.50 in August, compared to a forecast of 45.10. The flash services PMI is down marginally to 51 vs. an estimate of 52.10. Any break below 1.2600 confirms further bearishness.
USDJPY- Neutral
The pair trades below ahead of the Jackson Hole symposium. The significant resistance is 146/147.
GBPJPY analysis-
The near-term resistance is around 184.85, a breach above targets 185.48/186/186.50. The immediate support is at 183.35, any violation below will drag the pair to 182/181.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- bearish
It is good to sell on rallies around 185 with SL around 186 for a TP of 180.60.
