GBPJPY pared some of its gains on the strong yen. The pair was one of the worst performers yesterday as global market jitters. It hits an intraday high of 163.72 and is currently trading around 160.65.
GBPUSD- Trend- Bearish
The pound sterling trades flat after a massive sell-off. Bank of England is in emergency talks as the Credit Suisse crisis deepens. Markets eye ECB monetary policy decision for further direction. Any close above 1.2070 will pull the pair to 1.2150.
USDJPY- Bullish
The pair showed a minor pullback on profit booking. Major support is 134/133.
GBPJPY analysis-
The near-term support is around 160, a breach below the targets of 159.20/158. The immediate resistance is at 160.75, any violation above will take the pair to 161.50/162.30.
Indicators (4-hour chart)
CCI (50)- Weak
ADX- Weak
It is good to buy on dips around 160.75 with SL around 160 for a TP of 163
