GBPJPY pared some of its gains and lost more than 150 pips on the pound sterling weakness. It hits a low of 163.50 yesterday and is currently trading around 164.327.
GBPUSD- Trend- Bullish
The pound sterling lost its shine despite Brexit deal optimism. Markets eye Bank Of England Bailey's speech today for further direction. Any dovish comments by Bailey will push the Pound sterling further lower. Any close below 1.2000 will drag the pair down to 1.1900.
USDJPY- Bullish
The pair showed a minor sell-off after upbeat Japan CPI data. It hits the highest level in 41 years. Major resistance is 137.15/138.
GBPJPY analysis-
The near-term support is around 163.50, 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- Neutral
It is good to buy on dips around 164 with SL around 163.30 for a TP of 166/167.
