GBPJPY hits a multi-week high on a weak yen. It hits a high of 163.75 and is currently trading around 163.12.
GBPUSD- Trend- Bearish
The pound sterling surged above the 1.2100 level on upbeat UK PMI data. The S&P Global flash services PMI jumped to 53 in Feb, above the estimate of 49.20. Flash UK manufacturing PMI came at 49.20 in Feb vs the forecast of 47.50. Market eyes US FOMC meeting minutes for further movement. Any close above 1.2140 targets 1.2200.
USDJPY- Bearish
The pair showed a minor profit booking ahead of the US FOMC meeting minutes. The policy divergence between US Fed and BOJ supports the pair at lower levels. Major resistance is 134.80/136.
GBPJPY analysis-
The near-term support is around 162.50, a breach below targets of 162/161/160.35/160/159/158/156.70/155.60/155. The immediate resistance is at 163.75, any violation above will take the pair to 165/166.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Bullish
It is good to buy on dips around 162.50 with SL around 161.40 for a TP of 165/166.
