GBPJPY pared some of its gains made the previous week on the strong yen. It hits a low of 158.95 and is currently trading around 159.81
GBPUSD- Trend- Bearish
The pound sterling trades higher for the past two days on easing market sentiment. Market eyes update on US banking crisis for further movement. According to Swiss authorities, UBS has reached an agreement to buy Credit Suisse for more than $ 2 billion. Any close above 1.2200 will pull the pair to 1.2270.
USDJPY- Bullish
The pair lost its shine as demand for safe-haven assets increased. Major support is 130/127.
GBPJPY analysis-
The near-term support is around 158.50, a breach below the targets of 157.52/156.72. The immediate resistance is at 160.20, any violation above will take the pair to 160.80/161.40.
Indicators (4-hour chart)
CCI (50)- Weak
ADX- Weak
It is good to sell on rallies around 160 with SL around 160.80 for a TP of 157.50
