GBPJPY trading in a narrow range between 162.86 and 163.93 for the past four days. It hits an intraday high of 163.70 and is currently trading around 163.73.
GBPUSD- Trend- Bullish
The pound sterling trades sideways between 1.20486 and 1.19925 ahead of the Fed chairman's testimony. Any hawkish comments from Powell will push the Pound sterling further lower. Any close above 1.2050 will take the pair to 1.2150.
USDJPY- Bullish
The pair showed a minor pullback as US 10-year yield recovered 2%. 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, 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.
