GBPJPY trading weak for the past three consecutive days on the weak pound sterling. It hits an intraday high of 161.95 and is currently trading around 161.99.
GBPUSD- Trend- Bullish
The pound sterling showed a minor pullback after a massive sell-off. The policy divergence between the US fed and BOE puts pressure on the pair at higher levels. Any close below 1.1800 will pull the pair to 1.1700.
USDJPY- Bullish
The pair pared some of its gains on profit booking. Major resistance is 138/140.
GBPJPY analysis-
The near-term support is around 161.70, a breach below the targets of 161/160. The immediate resistance is at 162.50, any violation above will take the pair to 163.25/164/165/166/167.01.
Indicators (4-hour chart)
CCI (50) –Bearish
ADX- Bearish
It is good to sell on rallies around 162.45-50 with an SL of 163.20 for a TP of 160.
