GBPJPY pared some of its gains on the strong yen. It hits an intraday low of 160.15 and is currently trading around 160.14.
GBPUSD- Trend- Bearish
The pound sterling gained momentum ahead of the UK claimant count report and US CPI. The annual CPI is expected to decline to 6.2%. Any drop in US inflation will drag the US dollar lower. Any daily close below 1.2200 will drag the pair to 1.2300/1.2350.
USDJPY- Bearish
The pair lost its shine after BOJ officially announced Masayoshi Amamiya as governor. Major support is 130/129.
GBPJPY analysis-
The near-term support is around 160, a breach below targets of 158/156.70/155.60/155. The immediate resistance is at 160.80, any violation above will take the pair to 161.25/162/163.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Neutral
It is good to buy on dips around 159.25 with SL around 158 for a TP of 163.
