GBPJPY surged sharply above 163 levels on a weak yen. The pound sterling pared some of its gains due to board-based US dollar buying. Hawkish comments from Fed board of governor's members Christopher Waller, upbeat Chicago PMI, and CB Consumer confidence increased demand for Safe-haven assets like the US dollar. GBPUSD holds above 1.2600, any breach below 1.2550 confirms further bearishness. GBPJPY hits an intraday high of 163.31 and is currently trading around 162.90.
USDJPY
USDJPY hits two weeks high on rising bond yields. The overall trend is bullish, a jump to 131.50 is possible.
Technicals:
On the lower side, immediate support is around 161.75, below will drag the pair to the next level to 161/160/159. The minor resistance to be watched is at 163.50, a break above that level confirms intraday bullishness, and a jump to 164.25/165 is possible.
It is a good buy on dips around 162.50 with SL around 161.50 for TP of 165.
