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GBPJPY was one of the best performers in the past three weeks on weak yen. It hit a high of 188.93 yesterday and is currently trading at around 188.05
GBPUSD- Trend- Bullish
The pound sterling gained more than 100 pips on board-based US dollar selling. Market eye UK Flash manufacturing and service PMI tomorrow for further direction. UK retail sales fell by 3.2% in Dec 2023, compared to a forecast of -0.50%. Any close above 1.2750 confirms further bullishness.
USDJPY- Bearish
The pair lost its momentum despite the dovish BOJ monetary policy. The central bank has kept its rate unchanged and trimmed inflation forecast. The significant support is 147.70/146.50.
GBPJPY
The near-term resistance is around 189, a breach above targets 190/192. The immediate support is at 187.40, any violation below will drag the pair to 186.45/184.90.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 188.45-50 with SL around 189.25 for the TP of 184.95.
