GBPJPY showed a minor pullback on the strong pound sterling. It hits an intraday high of 166.71 and is currently trading around 166.623.
GBPUSD- Trend- Bullish
The pound sterling recovered more than 100 pips on board based on the US dollar weakness. US conference board consumer confidence declined to 101.30 lowest level since July 2022, compared to a forecast of 104.10. US Richmond Manufacturing Index Apr -10 Vs. Expected -8.
Market eyes US Durable goods orders for further direction. Any close above 1.2500 will take the pair to 1.2580/1.2650.
USDJPY- Bullish
The pair lost more than 100 pips despite dovish comments by BOJ Kazu Ueda. Significant resistance is 135.25/136.
GBPJPY analysis-
The near-term support is around 165.40, a breach below the targets of 165/164. The immediate resistance is at 167, 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 165.50 with SL around 164.50 for a TP of 170.
