GBPJPY pared some of its gains on the strong yen. It hits an intraday low of 160.76 and is currently trading around 160.76.
GBPUSD- Trend- Bearish
The pound sterling gained yesterday after BOE Chairman Bailey said that the central bank would focus on inflation for monetary policy decisions despite the banking crisis. Any close above 1.2350 will pull the pair to 1.2400.
USDJPY- Bearish
The pair declined slightly after hitting a high of 131.75 on board-based US dollar selling. Major support is 130.50/129.
GBPJPY analysis-
The near-term support is around 160.70, a breach below the targets of 159.75/158.95/158.50. The immediate resistance is at 161.20, any violation above will take the pair to 161.85/162.20.
Indicators (4-hour chart)
CCI (50)- Neutral
ADX- Neutral
It is good to sell on rallies around 161.45-50 with SL around 162.25 for a TP of 159.
