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GBPJPY showed a minor sell-off due to weak UK economic data. It hits an intraday high of 166.18 and is currently trading around 166.38.
GBPUSD- Trend- Bearish
The pound sterling regained after a decline in weak UK GDP. The UK economy stalled in Feb, below expectations of 0.10%. Any close above 1.2500 will take the pair to 1.2580. 1.2340/1.2300.
USDJPY- Bullish
The pair pared some of its gains after weak US CPI data. Major support is 132.70/132.
GBPJPY analysis-
The near-term support is around 166, a breach below the targets of 165.35/164.70. The immediate resistance is at 166.60, 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 165.35 with SL around 164.70 for a TP of 167.
