GBPJPY continues to trade higher and hits its highest levels since Mar 2016 on a weak yen. The pound sterling consolidates in a narrow range between 1.2980 and 1.30450 for the past four days. Markets eye BOE Chairman Bailey's speech this week for further direction. Any break above 1.3050 confirms intraday bullishness GBPJPY hits an intraday high of 166.88 and is currently trading around 166.595.
USDJPY
USDJPY showed a minor correction from a high of 129.40 on an increase in risk aversion. Any intraday weakness is only below 127.80.
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.
