GBPJPY breaks 166 on board-based weakness in the yen. The pound sterling regained above the 1.3000 level against the US dollar despite Fed's aggressive rate hike hope. Any daily close below 1.3000 confirms further bearishness. GBPJPY hits an intraday high of 166.88 and is currently trading around 166.595.
USDJPY
USDJPY holds above 128 level on policy divergence between Fed and BOJ. Any intraday weakness is only below 125.
Technicals:
On the lower side, immediate support is around 166, breach below will drag the pair to the next level to 165/163.90/162.85. The minor resistance to be watched is around 167, a break above that level confirms intraday bullishness, and a jump to 168/170 is possible.
It is good to buy on dips around 166 with SL around 165 for the TP of 168.
