GBPJPY pared some of its gains on the weak Pound sterling. It hits an intraday low of 160.60 and is currently trading around 160.845.
GBPUSD- Trend- Bullish
The pound sterling lost its shine after the IMF G7 economy forecast. It says that the UK economy will contract by 0.60% in 2023 due to rising interest rates and higher taxes. Any daily close below 1.2340 will take the pair to 1.2260.
USDJPY- Bearish
The pair trades in a narrow range between 131.11 and 129.26 for the past two days ahead of Fed monetary policy meeting. 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.
