GBPJPY continues to trade weak on the weak pound sterling. It has tumbled sharply against the USD and hit the lowest level since Jun 2020 on risk-aversion. China's strict COVID restrictions and sanctions against Russia have increased demand for safe-haven assets like the US dollar. Any breach below 1.2250 confirms further bearishness. GBPJPY hits a low of 160.77 and is currently trading around 160.88.
USDJPY
USDJPY edges towards a two-decade high made ten days before on surging US bond yields. The intraday weakness is only below 128.50.
Technicals:
On the lower side, immediate support is around 160, breach below will drag the pair to the next level to 159/158. The minor resistance to be watched is around 162, a break above that level confirms intraday bullishness, and a jump to 162.85/164.25 is possible.
It is good to sell on rallies around 161.55-60 with SL around 163 for the TP of 159/156.
