GBPJPY has traded in a narrow range between 165.46 and 163.44 for the past three days. It hits an intraday high of 164.71 and is currently trading around 164.65.
GBPUSD- Trend- Bearish
The pound sterling jumped higher on weak US economic data. US ISM manufacturing slumped to a three-year low at 46.3 in Mar, compared to a forecast of 47.50. UK March Final PMI Mar came at 47.90 vs. the Forecast of 48.
USDJPY- Bullish
The pair showed a minor sell-off as US treasury yields declined on softer US PMI. Major resistance is 133/134.50.
GBPJPY analysis-
The near-term support is around 163.70, 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.
