GBPJPY gained more than 200 pips yesterday on a weak yen. The pound sterling remains in bearish mode after weak UK GP data. It came at 0.1% in Feb from the previous month's 0.80%, below the estimate of 0.3%. The board-based US dollar buying on hawkish Fed meeting minutes is putting pressure on GBPUSD further down. Any close below 1.3000 confirms further bearishness. GBPJPY hits an intraday high of 163.84 and is currently trading around 163.40.
USDJPY
USDJPY holds above 125 level on surging US Treasury yields. Any intraday weakness is only below 125.
Technicals:
On the lower side, immediate support is around 162.80, breach below will drag the pair to the next level to 162/161.40/160.50/159.70/159. The minor resistance to be watched is around 164, a break above that level confirms intraday bullishness, and a jump to 166 is possible.
It is good to buy above 164 with SL around 163 for the TP of 166.
