GBPJPY pared some of its gains on the strong Yen. It hits an intraday low of 163.96 and is currently trading around 164.19.
GBPUSD- Trend- Bearish
The pound sterling eased from ten-month highs of 1.2510 despite upbeat market sentiment. The pair was one of the best performers due to the board based on US dollar selling . Market eyes US ADP employment and US ISM services PMI for further direction.
USDJPY- Bullish
The pair lost more than 200 pips as US treasury yields dropped more than 7% from a minor top. Significant support is 131/130.
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- Neutral
It is good to sell on rallies around 165.35-40 with SL around 166.40 for a TP of 160.
