FxWirePro: AUD/USD opens the week on a positive note, Aussie gains traction ahead of RBA policy decision
FxWirePro- GBPJPY Daily Outlook
GBPJPY trades in a narrow range between 161.85 and 157.88 for the past week. Pound sterling holds above 1.2500 on board-based US dollar selling. Markets eye BOE Bailey's speech at National Bank Annual Economic Conference in Vienna for further direction. Any breach above 1.2635 confirms intraday bullishness. GBPJPY hits an intraday high of 160.30 and is currently trading around 159.83.
USDJPY hits an 18-day low on weak US treasury yields. The intraday bearishness is only below 127.
On the lower side, immediate support is around 159, breach below will drag the pair to the next level to 158/157/155. The minor resistance to be watched is around 160.50, a break above that level confirms intraday bullishness, and a jump to 161/162/164.25/165 is possible.
It is good to buy on dips around 160 with SL around 159 for the TP of 162.