FxWirePro- GBPJPY Daily Outlook
GBPJPY trades in a narrow range between 161.85 and 157.88 for the past two days. Pound sterling regained above 1.2450 ahead of UK retail sales. UK announcements about the new North Ireland Protocol putting pressure on the Pound at higher levels. Any breach above 1.2500 confirms intraday bullishness. GBPJPY hits an intraday high of 159.92 and is currently trading around 159.03.
USDJPY declined below 128 on weak US treasury yields. The intraday bearishness is only below 127.
On the lower side, immediate support is around 157.85, breach below will drag the pair to the next level to 157/155. The minor resistance to be watched is around 160, a break above that level confirms intraday bullishness, and a jump to 162/164.25/165 is possible.
It is good to sell on rallies around 159.25-30 with SL around 160 for the TP of 157.