GBPJPY jumped more than 150 pips yesterday on a strong pullback in the Pound sterling. It hits a high of 164.624 at the time of writing and is currently trading around 164.627.
GBPUSD- Trend- Bullish
The pound sterling recovered above 1.2000 levels after UK PM and European Commission President announced new post-Brexit trade rules for North Ireland. The hopes of further rate hikes by the BOE also support GBP at lower levels. Any close above 1.2070 will push the GBPUSD higher to 1.2150.
USDJPY- Bullish
The pair trades above 136.5 on dovish comments from the Bank of Japan. Major resistance is 137.15/138.
GBPJPY analysis-
The near-term support is around 163.70, a breach below targets of 163/162.50/161. The immediate resistance is at 164.50, any violation above will take the pair to 165/166/167.01.
Indicators (4-hour chart)
CCI (50) –Bullish
ADX- Bullish
It is good to buy on dips around 164.35-40 with SL around 163.70 for a TP of 166/167.
