GBPJPY trades slightly higher on minor weakness in Yen. It hits an intraday high of 163.97 and is currently trading around 163.84.
GBPUSD- Trend- Bearish
The pound sterling performing well for the past three weeks on board-based US dollar selling. UK March Final services PMI Mar came at 52.90 vs. the Forecast of 52.80.
USDJPY- Bullish
The pair lost its shine on the US treasury yields decline. Major resistance is 130.50/129.
GBPJPY analysis-
The near-term support is around 163.50, a breach below the targets of 163/161.70. The immediate resistance is at 164, any violation above will take the pair to 165/166.40/167.
Indicators (4-hour chart)
CCI (50)- Neutral
ADX- Neutral
It is good to sell on rallies around 164 with SL around 165 for a TP of 161.70.
