GBPJPY showed a massive sell-off and lost more than 400 pips on the weak pound sterling. GBP hits two-year lows on weak UK GDP data. It declined to 0.8% QOQ compared to 1%. The overall trend of GBPUSD is weak on policy divergence between BOE and Fed. Any breach below 1.2180 confirms the further bearish trend. GBPJPY hits an intraday low of 157.05 and is currently trading around 157.42.
USDJPY
USDJPY pared most of its gains on declining US bond yields. The intraday bearishness is only below 128.50.
Technicals:
On the lower side, immediate support is around 157, breach below will drag the pair to the next level to 155.80/155/154. The minor resistance to be watched is around 158.50, a break above that level confirms intraday bullishness, and a jump to 160/162 is possible.
It is good to sell on rallies around 158 with SL around 159 for the TP of 154.
