GBPJPY surged nearly 250 pips this week on the weak Yen. It hits an intraday high of 169.19 and is currently trading around 168.91.
GBPUSD- Trend- Neutral
The cable showed a minor pullback ahead of UK employment data. The UK economy recession fears preventing the pound at higher levels. Any close above 1.23105 (55-W EMA) confirms further bullishness.
USDJPY- Bearish
The pair traded higher for the second consecutive day on surging US 10-year bond yield. The policy divergence between BOJ and Fed put pressure on the yen. Any close above 138 in the 4-hour chart confirms further bullishness. Minor support is 136/134.
GBPJPY analysis-
The near-term support is around 168, a breach below targets 167/165.95/164/163. The immediate resistance is around 169.20, a jump above will take the pair to 170/172.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Bullish
It is good to buy on dips around 168 with SL 167 for a TP of 172.
