GBPJPY trades weak and lost more than 50 pips from its intraday high of 163.69 on the strong yen. It hits a low of 163.03 at the time of writing and is currently trading around 163.
GBPUSD- Trend- Bullish
The pound sterling is consolidating after a minor pullback to 1.20486. The pair gained sharply as US treasury yields pared most of their gains.
US ISM services PMI surged for a second consecutive month to 55.1in Feb, well above the estimate of 54.50. Markets eye US Fed chairman Powell's testimony and US NFP data for further direction. Any close above 1.2050 will take the pair to 1.2150.
USDJPY- Bullish
The pair showed a minor sell-off after as US 10-year yield lost more than 4%. Major support is 135/134.
GBPJPY analysis-
The near-term support is around 162.80, a breach below the targets of 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.
