GBPJPY pared some of its gains on a minor decline in the Pound sterling. It hits an intraday low of 160.70 and is currently trading around 160.94
GBPUSD- Trend- Bullish
The pound sterling showed a minor sell-off below 1.2400 ahead of US PCE data. The upbeat US GDP and jobless claims have pushed US treasury yields higher. Any daily close above 1.2500 will take the pair to 1.2650.
USDJPY- Bearish
The pair recovered as Japan's CPI hits a 42-year high. The Japanese central bank extends five-year loan against Collateral to financial institutions. 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 161.80, any violation above will take the pair to 163/164.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- neutral
It is good to buy on dips around 159.70-75 with SL around 159 for a TP of 163.
