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GBPJPY trades weak for the third consecutive day on a strong yen. It hits a low of 159.74 and is currently trading around 159.79.
GBPUSD- Trend- Bullish
The pound sterling showed a minor pullback after upbeat UK retail sales. It came at 1.2% in Feb vs. a forecast of 0.20%, above the previous month's 0.90%. Any close above 1.2300 will pull the pair to 1.2400.
USDJPY- Bearish
The pair bounced from six-week lows at 130.05 due to short covering. Major support is 131.70/130.50.
Major economic data for the day
Mar 24th, 2023 US Durable goods orders m/m (12:30 pm GMT)
Mar 23rd, 2023 Flash and services Manufacturing PMI (1:45 pm GMT)
GBPJPY analysis-
The near-term support is around 159.75, a breach below the targets of 158.95/158.50. The immediate resistance is at 160.50, any violation above will take the pair to 161.20/161.70/162.10.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 160.45-50 with SL around 161.50 for a TP of 158.50.
