GBPJPY pared most of its gains on the strong yen. It hits an intraday low of 157.56 and is currently trading around 158.09.
GBPUSD- Trend- Bullish
The cable formed a double top around 1.2450 levels and showed a minor sell-off on the US dollar pullback. US-China trade relation uncertainty is putting pressure on the Pound at higher levels. Markets eye US Unemployment claims and Philly fed manufacturing index for further direction. Any daily close below 1.2250 will take the pair to 1.2160/1.2080.
USDJPY- Bearish
The pair yesterday's upside momentum after dovish BOJ fades and lost more than 350 pips. Major supports are 127.20/125.
GBPJPY analysis-
The near-term support is around 157.50, a breach below targets of 156/155. The immediate resistance is around 158.50, any violation above will take the pair to 160/161.50/163.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Bullish
It is good to sell on rallies around 159 with SL around 160.20 for a TP of 155.
