GBPJPY declined slightly after hitting a multi-week high due to profit booking. It hit a low of 185.09 yesterday and is currently trading at around 185.316.
GBPUSD- Trend- Neutral
The pound sterling pared some of its gains from a week's high of 1.24283.UK construction PMI declined to 45.6 in October, below the forecast of 46. Any daily close above 1.2400 confirms further bullishness.
USDJPY- Bullish
The pair recovered more than 100 pips as the US treasury yield showed a pullback. The significant resistance is 152/153.
GBPJPY analysis-
The near-term resistance is around 186, a breach above targets 186.75/188.45 The immediate support is at 184.95, any violation below will drag the pair to 184.25/183.60/.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy at dips around 184.75-80 with SL around 184.20 for the TP of 188.
