GBPJPY recovered sharply on the strong pound sterling. It hits an intraday high of 161.63 and is currently trading around 161.55
GBPUSD- Trend- Bullish
With hopes of stimulus from UK PM Rushi Sunak and board-based US dollar buying Pound sterling gained above the 1.2400 level. Downbeat UK inflation followed by a weak UK jobs report will decrease the chance of a rate hike by the BOE. Any daily close above 1.2450 will take the pair to 1.2500.
USDJPY- Bearish
The pair consolidated in a narrow range between 129.04 and 130.31 for the past two days. Major supports are 129/127.20/125.
GBPJPY analysis-
The near-term support is around 160, a breach below targets of 158.50/157.50/156. The immediate resistance is around 161.50, any violation above will take the pair to 163/164.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Bullish
It is good to buy on dips around 161 with SL around 160 for TP of 163.
