GBPJPY showed a nice pullback after a minor sell-off on the weak yen. It hits a high of 164.75 and is currently trading around 164.281.
GBPUSD- Trend- Bearish
The pound sterling pared its gains and lost more than 100 pips on US dollar strength. Markets not showing much momentum on the Easter holiday. Any close below 1.2380 will drag the pair to 1.2340/1.2300.
USDJPY- Bullish
The pair regained above the 132 level on declining US bond yield. Major resistance is 132.80/133.80.
GBPJPY analysis-
The near-term support is around 164, a breach below the targets of 163.69/163. The immediate resistance is at 165, any violation above will take the pair to 165.46/166.20/167/168/169.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 163.70 with SL around 163 for a TP of 166.20.
