GBPJPY recovered above 159.50 on the weak yen. It hits a high of 160.01 and is currently trading around 159.78.
GBPUSD- Trend- Bearish
The cable declined below 1.1900 on the strong US dollar ahead of the US Nonfarm payroll. Analysts anticipate adding 225K non-farm jobs compared to 263K the previous month. The unemployment rate is seen unchanged at 3.7%. Any dip below 1.1870 will drag the cable to 1.1800.
USDJPY- Bearish
The pair trades higher for the fourth consecutive day on the emergency bond-buying program by BOJ. Significant resistance is 134.50/136.
GBPJPY analysis-
The near-term support is around 159.25, a breach below targets of 158.50/157.70. The immediate resistance is around 160.20, a jump above will take the pair to 160.70/161.50/163.
Indicators (4-hour chart)
CCI (50) –Neutral
ADX- Neutral
It is good to buy above 160.20 with SL around 159.50 for a TP of 163.
