GBPJPY trades higher for the second consecutive day on a strong yen. It hits an intraday high of 162.70 and is currently trading around 162.67.
GBPUSD- Trend- Bearish
The pound sterling holds above 1.2300 as risk appetite decreases. The easing banking crisis and Fed rate pause hopes weigh on the US dollar. 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 161.70, a breach below the targets of 160.70/159.75/158.95/158.50. The immediate resistance is at 162.80, any violation above will take the pair to 163.30/164/165.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- bullish
It is good to buy on dips around 162.50 with SL around 161.70 for a TP of 165.
