FxWirePro- GBPJPY Daily Outlook
GBPJPY consolidates a narrow range between 161.85 and 157.87 for the past eight days. The pound sterling broke significant resistance at 1.2620 after the UK government slapped a 25% energy windfall tax. The Brexit jitters over Northern Ireland putting pressure on the pound at higher levels. GBPUSD holds above 1.2620 confirming further bullishness, a jump to 1.2700 is possible. GBPJPY hits an intraday high of 160.56 and is currently trading around 160.320.
USDJPY holds below 127 on board-based US dollar selling. The overall trend is still bearish, a dip to 125 is possible.
On the lower side, immediate support is around 159, below will drag the pair to the next level to 158/157/155. The minor resistance to be watched is at 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.