GBPJPY regained above 167 after a minor profit booking. The pound sterling recovered against the US dollar ahead of Fed's Powell and BOE'S Bailey speech. Any breach above 1.3820 (21-day MA) confirms further bullishness. GBPJPY hits an intraday high of 167.80 and is currently trading around 167.43.
USDJPY
USDJPY showed a minor correction from a high of 129.40 on declining US bond yields. Any intraday weakness is only below 127.
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 168, 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.
