GBPJPY trades higher for a third consecutive week on a weak yen. It hits an intraday high of 167.22 and is currently trading around 166.77.
GBPUSD- Trend- Bearish
The pound sterling trades slightly lower as demand for risk aversion increases. Any close above 1.2500 will take the pair to 1.2580/1.2650.
USDJPY- Bullish
The pair gained more than 50 pips 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.
