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GBPJPY has traded in a narrow range between 162.86 and 163.93 for the past two days. It hits a low of 163.06 yesterday and is currently trading around 163.42.
GBPUSD- Trend- Bullish
The pound sterling showed a minor pullback after mixed Fed talks. Federal Bank of Atlanta President Bostic said that the central bank will pause the rate hike by mid to late summer. On the other hand, Boston Fed President Susan supports further rate tightening to tackle inflation. Any close below 1.1900 will drag the pair down to 1.1800.
USDJPY- Bullish
The pair struggles to close above 200-day MA despite surging US bond yields. Major resistance is 137.15/138.
GBPJPY analysis-
The near-term support is around 163.50, a breach below targets of 162.80/162/161. 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 163.50 with SL around 162.50 for a TP of 165/166.
