GBPJPY trades flat and the downside is capped by 200- 4H EMA. It hits an intraday low of 161.139 and is currently trading around 161.21.
GBPUSD- Trend- Bullish
With renewed Brexit uncertainty and UK political jitters putting pressure on the pound sterling at higher levels. Markets eye flash UK manufacturing and services PMI for further direction. Any daily close above 1.2450 will take the pair to 1.2500.
USDJPY- Bearish
The pair pared some of its gains made yesterday. Major supports are 129/127.20/125.
GBPJPY analysis-
The near-term support is around 160.90 (200-4H EMA), a breach below targets of 160/158.50/157.50/156. The immediate resistance is around 161.80, 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.
