GBPJPY recovered more than 150 pips on the weak yen. It hits an intraday high of 165.65 and is currently trading around 165.47.
GBPUSD- Trend- Bearish
The pound sterling halted its three days losing streak and showed a minor pullback. Any close below 1.2380 will drag the pair to 1.2340/1.2300.
USDJPY- Bullish
The pair regained above 133.55 on weak US bond yields. Major resistance is 133.80/135.
GBPJPY analysis-
The near-term support is around 164.70, a breach below the targets of 163.69/163. The immediate resistance is at 166.40, any violation above will take the pair to 167/168.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 164.60 with SL around 163.80 for a TP of 166.40.
