GBPJPY is consolidating after a nice pullback on the strong Pound sterling. It hit a high of 183.814 and is currently trading at around 183.61.
GBPUSD- Trend- Neutral
The pound sterling showed a minor sell-off amid mixed UK economic data. The UK economy grew by 0.20% in Aug, in line with the estimate. UK construction output and industrial production came below estimate. Markets eyes US CPI data today for further direction. Any close above 1.2350 confirms further bullishness.
USDJPY- Bullish
The pair trades flat ahead of US CPI data. The significant resistance is 150/152.
GBPJPY analysis-
The near-term resistance is around 184, a breach above targets 184.60/185/186. The immediate support is at 183.30, any violation below will drag the pair to 182.50/181.50/180.70/178/176.50.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to buy on dips around 183 with SL around 182 for the TP of 186.
