GBPJPY has once again declined after a minor pullback above 200-4H MA. The pound sterling pared some of its gains after the hawkish Fed meeting minutes. The aftereffects of the Russia and Ukraine war, Covid spread in china, and Brexit jitters over NIP increased demand for safe-haven assets like the US dollar. Any close above 1.2620 (200-4H EMA) confirms further bullishness. GBPJPY hits an intraday low of 159.97 and is currently trading around 160.04.
USDJPY
USDJPY regained above 127 ahead of US GDP and PCE. The overall trend is still bearish, a dip to 125 is possible.
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 161.20, a break above that level confirms intraday bullishness, and a jump to 162/164.25/165 is possible.
It is good to stay away.
