GBPJPY gained sharply on the weak yen. The major sell-off in Pound sterling is preventing the pair from further upside. The board-based US dollar buying on hawkish Fed meeting minutes is dragging GBPUSD further down. Any close below 1.3000 confirms further bearishness. GBPJPY hits an intraday high of 162.81 and is currently trading around 162.68.
USDJPY
USDJPY trades higher for the fourth consecutive day on surging US treasury yield. Any bullish continuation only if it breaks 125.20.
Technicals:
On the lower side, immediate support is around 162, breach below will drag the pair to the next level to 161.40/160.50/159.70/159. The minor resistance to be watched is around 163, a break above that level confirms intraday bullishness, and a jump to 164 is possible.
It is good to buy on dips around 162 with SL around 161 for the TP of 164.
