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GBPJPY declined sharply and faced strong resistance at 161.25 (21- day EMA) on the strong yen. It hits a low of 155.63 and is currently trading around 156.57.
GBPUSD- Trend- Bullish
The cable surged more than 200 pips the previous week on board-based US dollar selling. The decline in US CPI has decreased the chance of an aggressive rate hike by the Fed. Any close above 1.2280 will take the pair to 1.2350/1.2440.
USDJPY- Bearish
The pair hits seven month low on speculation of a hawkish BOJ policy meeting later this week. Major supports are 127.45/125. Yields on Japanese 10-year traded higher for a fifth consecutive week and rose above 0.50%.
GBPJPY analysis-
The near-term support is around 156, a breach below targets of 155.35/154. The immediate resistance is around 157/157.55/158.90. Bullish continuation only above 161.25.
Indicators (4-hour chart)
CCI (50) –bearish
ADX- Bearish
It is good to sell on rallies around 157 with SL around 158.50 for a TP of 154.
