GBPJPY pared some of its gains on the strong yen. It hits an intraday low of 165.40 and is currently trading around 165.506.
GBPUSD- Trend- Bearish
The pound sterling showed a nice pullback on the weak US PPI. US PPI m/m came at-.0.50% in Mar, below the estimate of 0.0%. The yearly inflation rose 2.70% last month, compared to a forecast of 3%. Any close above 1.2550 will take the pair to 1.26280.
USDJPY- Bullish
The pair pared some of its gains after weak US PPI data. Major support is 132/131.
GBPJPY analysis-
The near-term support is around 165.35, a breach below the targets of 164.70/164. 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.
