GBPJPY pared most of its loss made yesterday on easing market sentiment. The pair recovered more than 350 pips from a minor bottom of 158.54 on a strong pullback in the Pound sterling. It hits a high of 162.10 and is currently trading around 161.90.
GBPUSD- Trend- Bearish
The pound sterling surged sharply on easing the banking crisis. Market eyes UK consumer inflation expectations for further direction. Any close above 1.2200 will pull the pair to 1.2270.
USDJPY- Bullish
The pair jumped from a minor bottom amid improved market sentiment. Major support is 134/133.
According to JP Morgan, US Fed's emergency loan program may inject $2 trillion in funds into the US banking system to ease the liquidity crisis. This will increase the demand for riskier assets like stocks, Crypto
GBPJPY analysis-
The near-term support is around 161.40, a breach below the targets of 160.66/160/ 159.20/158.55. The immediate resistance is at 162.20, any violation above will take the pair to 163/164.
Indicators (4-hour chart)
CCI (50)- Weak
ADX- neutral
It is good to sell below 161.40 with SL around 162 for a TP of 160/159.20.
