GBPJPY faced strong resistance near 200 -H EMA and showed a minor sell-off on the strong yen. It hits a high of 161.69 and is currently trading around 160.91
GBPUSD- Trend- Bearish
The pound sterling hits a 5-week high on board-based US dollar selling. Markets await US fed policy for further direction. Any close above 1.2300 will pull the pair to 1.2400.
USDJPY- Bullish
The pair trades in a narrow range after a massive sell-off due to banking turmoil. Major support is 130/127.
GBPJPY analysis-
The near-term support is around 160.70, a breach below the targets of 160/158.95/158.50. The immediate resistance is at 161.20, any violation above will take the pair to 161.70/162.10.
Indicators (4-hour chart)
CCI (50)- Weak
ADX- neutral
It is good to sell on rallies around 161.45-50 with SL around 162.50 for a TP of 158.95.
