GBPJPY pared some of its gains after forming a double top around 161.80. It hits an intraday low of 160.24 and is currently trading around 160.74.
GBPUSD- Trend- Bullish
The pound sterling trades flat ahead of BOE and Fed this week. The US dollar showed a minor reaction as PCE rose 4.4% YoY, below the estimate of 4.7%. Any daily close below 1.2340 will take the pair to 1.2260.
USDJPY- Bearish
The pair declined below the 130 level as demand for safe-haven improved. Markets eye BOJ governor for further direction. 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.
