GBPJPY is trading flat after the previous week's sell-off. It hits a high of 159.14 and is currently trading around 158.572.
GBPUSD- Trend- Bearish
The pound sterling trades higher despite hawkish comments from Fed speakers. Markets eye BOE Governor Bailey's testimony for further direction. Any daily close above 1.2120 will push the pair to 1.2200/1.2250.
USDJPY- Bearish
The pair lost more than 200 pips on risk aversion. Major support is 130/129.
GBPJPY analysis-
The near-term support is around 158, a breach below targets of 156.70/155.60/155. The immediate resistance is around 159.20, any violation above will take the pair to 160/161.80/163.
Indicators (4-hour chart)
CCI (50) –bearish
ADX- Bearish
It is good to sell on rallies around 159 with SL around 160.20 for a TP of 155.
