GBPJPY halted its two-day uptrend and showed a minor sell-off. It hits an intraday high of 160.04 and is currently trading around 160.37.
GBPUSD- Trend- Bullish
The cable trades flat after a massive 350 pips rally. Markets eye US fed chairman Powell speech for further direction. Any close above 1.2200 will take the pair to 1.2250/1.2270.
USDJPY- Bearish
The pair pared most of its gains after a minor pullback to 134.77. Major resistance is 132.70/134/134.80.
GBPJPY analysis-
The near-term support is around 159.60, a breach below targets of 159/158.50/157.70. The immediate resistance is around 161.25 (21- day EMA), a jump above will take the pair to 162/163.
Indicators (4-hour chart)
CCI (50) –Bullish
ADX- Bullish
It is good to buy on dips around 160.20-25 with SL around 159.60 for a TP of 163.
