GBPJPY regained more than 400 pips from a minor bottom of 159.62 on a weak yen. Pound sterling's major sell-off against the US dollar is preventing the pair from further upside. The policy divergence between US Fed and BOE is putting pressure on GBPUSD. Any breach below 1.2400 confirms further bearishness. GBPJPY hits an intraday high of 164.25 and is currently trading around 163.66.
USDJPY
USDJPY trades above 130 and hits a 2-decade high due to the hawkish US fed statements. The intraday weakness is only below 129.70.
Technicals:
On the lower side, immediate support is around 163, breach below will drag the pair to the next level to 162.20/160/159. The minor resistance to be watched is around 164.25, a break above that level confirms intraday bullishness, and a jump to 165/166/168 is possible.
It is good to buy on dips around 163 with SL around 162 for the TP of 165.
