GBPJPY lost its shine on board-based US dollar buying. It hit a low of 180.77 and is currently trading at around 180.88.
GBPUSD- Trend- Bearish
The pound sterling hits a multi-week low on upbeat US economic data ISM manufacturing PMI came in at 49 for Sep, compared with 47.6 in August. The pair dropped drastically the previous week after a surprise BOE pause. UK Sep final manufacturing PMI came at 44.3 vs . an estimate of 44.20. A new close below 1.2050 confirms further bearishness.
USDJPY- Bullish
The pair hits a month high on surging US treasury yield. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 181.50, a breach above targets 182.50/183.35/183.85/184.60/185. The immediate support is at 180.70, any violation below will drag the pair to 180/176.50.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 181.50-55 with SL around 182.50 for the TP of 176.50.
