GBPJPY showed a minor pullback after a massive sell-off. The pair was one of the worst performers this month and lost more than 400 pips on the weak Pound sterling. US dollar rallied sharply against the Pound sterling in hopes of aggressive rate hikes by the US fed and UK economic weakness due to Brexit. Any breach below 1.2150 confirms the further bearish trend. GBPJPY hits an intraday high of 157.86 and is currently trading around 156.90.
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 157.15-20 with SL around 158 for the TP of 154.
