GBPJPY holds above 162 levels on a weak yen. The pound sterling dropped sharply after the upbeat US ISM manufacturing index. The renewed US dollar weakness supports GBPUSD at lower levels. Any breach above 1.2550 confirms further bullishness. GBPJPY hits an intraday high of 162.85 and is currently trading around 162.82.
USDJPY
USDJPY pared some of its gains made ahead of US ADP employment data. 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.
