GBPJPY was one of the best performers this week and jumped more than 500 pips on the weak yen. It hits a high of 165.67 and is currently trading around 164.54.
GBPUSD- Trend- Bearish
The pound sterling is trading slightly lower despite upbeat UK GDP data. UK GDP grew by 0.10% in the final three months of 2022, slightly above the estimate of 0.0%. Markets eye US core PCE and Chicago PMI for further direction. Any close above 1.2450 will pull the pair to 1.2500.
USDJPY- Bullish
The pair hits a week high on easing the banking crisis. Major resistance is 133/134.50.
GBPJPY analysis-
The near-term support is around 164, a breach below the targets of 163/161.70. The immediate resistance is at 166, any violation above will take the pair to 167/168/169.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- bullish
It is good to buy above 166 with SL around 164.80 for a TP of 169.
