GBPJPY showed a minor sell-off on weak UK retail sales data. It hits a low of 166.17 and is currently trading around 166.204.
GBPUSD- Trend- Bearish
The pound sterling declined more than 10 pips after UK retail sales. It came at -0.90% in Mar vs. -0.50% expected. Any close above 1.2500 will take the pair to 1.2580/1.2650.
USDJPY- Bullish
The pair lost its shine on declining US treasury yields. Significant support is 133.69/132.77.
GBPJPY analysis-
The near-term support is around 166, a breach below the targets of 165/164. The immediate resistance is at 168, any violation above will take the pair to 170.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 166 with SL around 165 for a TP of 170.
