GBPJPY was one of the worst-performing pairs this week due to the weak Pound sterling. It hits a low of 156.82 and is currently trading around 157.15.
GBPUSD- Trend- Bullish
The pound sterling pared most of its gains after the dovish 50 bpbs rate hike by BOE. Markets eye US NFP data for further direction. Any daily close below 1.2200 will drag the pair to 1.2600.
USDJPY- Bearish
The pair trades weak ahead of the US Nonfarm payroll. Major supports are 127.20/125.
GBPJPY analysis-
The near-term support is around 155.70, a breach below targets of 155/152.77. The immediate resistance is around 157.60, any violation above will take the pair to 158/158.53/160.
Indicators (4-hour chart)
CCI (50) –bearish
ADX- Bearish
It is good to sell on rallies around 157.50-55 with SL around 158.60 for a TP of 155.
