GBPJPY trades higher for a third consecutive day on a weak yen. It hits an intraday high of 166.93 and is currently trading around 166.90.
GBPUSD- Trend- Bearish
The pound sterling gained sharply after UK CPI. The annualized CPI declined to 10.1% in Mar, compared to a forecast of 9.8%. Any close above 1.2500 will take the pair to 1.2550/1.2580.
USDJPY- Bullish
The pair gained on hawkish-fed bets. 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- Bullish
It is good to buy on dips around 167 with SL around 166 for a TP of 170.
