GBPJPY trades weak on the weak Pound sterling. It hits a low of 158.79 yesterday and is currently trading around 159.69.
GBPUSD- Trend- Bearish
The cable hits a fresh weekly low on a minor pullback in the US dollar. It gained strength on the upbeat US GDP. It grew at an annual pace of 3.2% in the third quarter, above the estimate of 2.9%. Markets eye the US core PCE price index for further direction. Any close below 1.2000 confirms further bearishness.
USDJPY- Bearish
The pair surged more than 200 pips after a massive sell-off. Any close above 133 confirms a bullish continuation. Minor support is 131.50/130.
GBPJPY analysis-
The near-term support is around 158.50, a breach below targets 156/155. The immediate resistance is at 160.25, a jump above will take the pair to 161.10/161.85/163.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Bearish
It is good to sell on rallies around 160 with SL 161.10 for a TP of 158.
