GBPJPY trades higher for a third consecutive week on a weak yen. The weakness in the pound sterling prevents the pair from further upside. GBP lost nearly 150 pips from a minor top of 1.31468 against the US dollar on board-based US dollar buying. Any close below 1.3000 confirms further bearishness. GBPJPY hits an intraday high of 165.42 and is currently trading around 164.911.
USDJPY
USDJPY holds above 126 level on strong US dollar. Any intraday weakness is only below 125.
Technicals:
On the lower side, immediate support is around 164, breach below will drag the pair to the next level to 163/162/161.40/160.50/159.70/159. The minor resistance to be watched is around 165.50, a break above that level confirms intraday bullishness, and a jump to 168 is possible.
It is good to buy on dips around 164 with SL around 163 for the TP of 166.
