FxWirePro- GBPJPY Daily Outlook
GBPJPY regained sharply on a slight pullback in pound sterling. It surged more than 150 pips on a softer US dollar. Markets eye UK jobs data today for further direction. Any breach above 1.2400 confirms further bullishness. GBPJPY hits an intraday high of 159.76 and is currently trading around 160.09.
USDJPY showed a minor pullback above 129 as yield showed a minor pullback. The intraday bearishness is only below 128.50.
On the lower side, immediate support is around 158.70, breach below will drag the pair to the next level to 158/157/155.80/155. The minor resistance to be watched is around 160, a break above that level confirms intraday bullishness, and a jump to 162.20/164.25 is possible.
It is good to buy on dips around 159 with SL around 158 for the TP of 162.