GBPJPY trades higher for the second consecutive day on the strong pound sterling. It hits a high of 162.21 and is currently trading around 161.91
GBPUSD- Trend- Bearish
The pound sterling showed a minor sell-off after hitting a 5-week high ahead of US Fed policy. Any hawkish rate hike will drag cable further lower. Any close above 1.2300 will pull the pair to 1.2400.
USDJPY- Bullish
The pair holds above the 132 level due to a minor pullback in US treasury yields. Major support is 131.70/130.50.
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)- Bullish
ADX- neutral
It is good to buy on dips around 162.25 with SL around 161.70 for a TP of 163.50.
