GBPJPY recovered from its low of 156.72 on the weak Yen. It hits a high of 159.94 and is currently trading around 159.408.
GBPUSD- Trend- Bearish
The pound sterling hits one month low against USD on board-based US dollar buying. Any daily close below 1.200 will drag the pair to 1.1890.
USDJPY- Bearish
The pair lost more than 50 pips as BOJ confirms stealth intervention. Major resistances are 133.20/134.
GBPJPY analysis-
The near-term support is around 159.20, a breach below targets of 158/156.70/155.60. The immediate resistance is around 160, any violation above will take the pair to 161.80/163.
Indicators (4-hour chart)
CCI (50) –bearish
ADX- Bearish
It is good to sell on rallies around 159.50-55 with SL around 160.55 for a TP of 155.
