GBPJPY showed a minor profit booking on the weak Pound sterling. It hits a low of 160.39 and is currently trading around 160.95
GBPUSD- Trend- Bearish
The pound sterling hits a six-week low on board-based US dollar selling. Market eyes UK retail sales data for further direction. The upbeat US CPI and PPI data have increased the further rate hikes by Fed. The pair closed below 1.2000 yesterday and dip to 1.1840 possibly.
USDJPY- Bearish
The pair resumed its rally and jumped above 134.50 on surging yield. Major resistance is 134.80/136.
GBPJPY analysis-
The near-term support is around 160.70, a breach below targets of 160/159/158/156.70/155.60/155. The immediate resistance is at 162.20, any violation above will take the pair to 163/165.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Neutral
It is good to buy on dips around 161 with SL around 160 for a TP of 163.
