GBPJPY pared its shine on the strong yen. It hits a low of 158.08 and is currently trading around 157.86.
GBPUSD- Trend- Bearish
The pound sterling showed a minor pullback despite weak UK GDP. The economy has contracted by 0.50% in Dec 2022. The office for national statistics reports that UK GDP was stagnant in the previous quarter, in line with the estimate. Any daily close above 1.2150 will take the pair to next level of 1.2200/1.2260.
USDJPY- Bearish
The pair declined slightly on reports that the Kazuo Ueda would be appointed as the next BOJ governor. Major support is 130/129.
GBPJPY analysis-
The near-term support is around 157.60, a breach below targets of 156.70/155.60/155. The immediate resistance is at 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 158.25-30 with SL around 159.60 for a TP of 155.
