FxWirePro- GBPJPY Daily Outlook
GBPJPY declined slightly on the weak Pound sterling. It is holding below 1.3050 against the US dollar after the Fed Chairman's speech. Markets eye BOE governor Bailey's speech for further direction. Any hawkish stance by Governor will push the GBP higher against the USD. Any breach below 1.2970 confirms further bearishness. GBPJPY hits an intraday high of 167.59 and is currently trading around 167.29.
USDJPY
USDJPY showed a pullback above 128 levels on surging 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.
