GBPJPY trades above 160 level on the strong Pound sterling. Pound sterling consolidates after three days of bullish trend against the USD dollar. The board-based US dollar weakness on upbeat market sentiment supports GBPUSD at lower levels. Any breach above 1.2620 (200-4H EMA) confirms further bearishness. GBPJPY hits an intraday low of 160.26 and is currently trading around 160.45.
USDJPY
USDJPY holds below on weak US treasury yields. The intraday bearishness is only below 127.
Technicals:
On the lower side, immediate support is around 159, breach below will drag the pair to the next level to 158/157/155. The minor resistance to be watched is around 160.50, a break above that level confirms intraday bullishness, and a jump to 161/162/164.25/165 is possible.
It is good to buy on dips around 160 with SL around 158.70 for the TP of 164.
