GBPJPY lost its shine on the weak Pound sterling. It hits a low of 161.19 and is currently trading around 161.85.
GBPUSD- Trend- Bearish
The pound sterling continues to trade lower on board-based US dollar buying. The US dollar halted its bullish trend after weak US GDP data. The economy expanded at an annual pace of 2.7%, slightly lower compared to an estimate of 2.9%. Market eyes US core PCE index and new home sales for further direction. Any close below 1.2000 targets 1.1900.
USDJPY- Bearish
The pair trades above 134.50 on policy divergence between US Fed and BOJ. Major resistance is 135.25/136.
GBPJPY analysis-
The near-term support is around 161, a breach below targets of 160.35/160/159/158/156.70/155.60/155. The immediate resistance is at 162.50, any violation above will take the pair to 163.50/164.
Indicators (4-hour chart)
CCI (50) –Neutral
ADX- Bearish
It is good to buy on dips around 161.40 with SL around 160.80 for a TP of 165/166.
