FxWirepro- GBPJPY Daily Outlook

GBPJPY trades in a narrow range between 180.72 and 183.02 for the past ten days. It is currently trading at around 182.571.

 GBPUSD- Trend- Bearish

The pound sterling showed a minor pullback after upbeat UK GDP data. It came at an annualized rate of 0.60, above expectations of 0.40%. US annual PCE inflation advanced 3.9% in August, in line with estimates. On a monthly basis, Personal consumption expenditure rose 0.1%, below the estimate of 0.20%. Any close above 1.2250 confirms further bullishness.

USDJPY- Bullish

 The pair gained sharply on surging  US treasury yield. The significant resistance is 150/152.

 GBPJPY analysis-

 The near-term resistance is around 182.75, a breach above targets 183.35/183.85/184.60/185. The immediate support is at 181.50, any violation below will drag the pair to 180.70/180/176.50.

  Indicators (4-hour chart)

  CCI (50)- Bearish

  ADX- Neutral

  It is good to sell on rallies around 182.75-80 with SL around 183.60 for the TP of 176.50.