GBPJPY hits a six-day low on Pound sterling weakness. It hits an intraday high of 166.61 and is currently trading around 166.29.
GBPUSD- Trend- Bullish
Cable struggles to break above 200-day MA and declined more than 100 pips as the US dollar. The demand for safe-haven increased due to protests in China. Any close above 1.21025 will take the pair to next level 1.2180. Minor support to watch- 1.2050/1.2000.
USDJPY- Bearish
The pair pared some of its gains after a minor pullback of 139.35. The protest in China against the Zero Covid policy and weakness in US treasury yields supports the yen. Any drop below 137.50 confirms further weakness. Minor resistance is 140/141.80.
GBPJPY analysis-
The near-term support is around 165.80, a breach below targets 165/163.90. The immediate resistance is around 167, a jump above will take the pair to 167.50/169.10/170.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to sell on rallies around 167.50-55 with SL 168.80 for a TP of 163.90.
