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GBPJPY showed a nice pullback after forming a double bottom near 158. It hits an intraday high of 160.979 and is currently trading around 160.09.
GBPUSD- Trend- Bearish
The pound sterling showed a recovery on board-based US dollar weakness. Markets eyes Bank of England Bailey's speech for further direction. Any close above 1.2300 will pull the pair to 1.2400.
USDJPY- Bearish
The pair pared some of its intraday gains on the strong yen. Major support is 130.50/129.
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.
