GBPJPY trading with no proper trend for the past two days. It hits an intraday high of 159.97 and is currently trading around 159.86.
GBPUSD- Trend- Bullish
The cable recovered above 1.23500 ahead of UK retail sales. Any upbeat retail sales will push the Pound sterling higher above the 1.2450 level. Hawkish commentary from St Louis Federal Reserve President James Bullard putting pressure on GBPUSD at higher levels. Any daily close above 1.2450 will take the pair to 1.2500.
USDJPY- Bearish
The pair gains momentum after hawkish comments from FOMC members. Major supports are 127.20/125.
GBPJPY analysis-
The near-term support is around 158.50, a breach below targets of 157.50/156. The immediate resistance is around 160.20, any violation above will take the pair to 161.50/163.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Bullish
It is good to stay away.
