GBPJPY gained more than 150 pips the previous week on the weak yen. It hits an intraday high of 166.52 and is currently trading around 165.416.
GBPUSD- Trend- Bearish
The pound sterling declined despite weak US retail sales data. Any close below 1.2340 will take the pair to 1.2300/1.2270.
USDJPY- Bullish
The pair gained in hopes of a 25 bpbs rate hike by the Fed. Major support is 133.69/132.77.
GBPJPY analysis-
The near-term support is around 166, a breach below the targets of 165.35/164. The immediate resistance is at 166.60, any violation above will take the pair to 167.25/168.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 166 with SL around 165.35 for a TP of 167.
