GBPJPY consolidating in a narrow range between 162.18 and 160.07 for the past two days. The minor pullback in pound sterling supports the pair at lower levels. The overall trend of GBPUSD is still weak on risk aversion. Any breach above 1.2420 confirms intraday bullishness. GBPJPY hits an intraday high of 160.07 and is currently trading around 161.39.
USDJPY
USDJPY edges lower on declining US treasury yields. The intraday bullishness is only above 131.50.
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.
