GBPJPY hits a six-week high on a weak yen. It hit a high of 184.29 yesterday and is currently trading at around 183.744.
GBPUSD- Trend- Bearish
The pound sterling trades flat ahead of US Fed monetary policy. Any dovish rate pause will push the pair higher to 1.2200. US CB consumer confidence declined to 102.60 in Oct, compared to a forecast of 100.50. Chicago PMI dropped to 44vs. 45 forecast. Any close above 1.2165 confirms further bullishness.
USDJPY- Bullish
The pair recovered sharply ahead of US Fed monetary policy. The significant resistance is 152/153.
GBPJPY analysis-
The near-term resistance is around 184.50, a breach above targets 185/186. The immediate support is at 183.40, any violation below will drag the pair to 182.80/182.50.
Indicators (4-hour chart)
CCI (50)- Neutral
ADX- bearish
It is good to buy at dips around 183.55-60 with SL around 183 for the TP of 185.
