GBPJPY was one of the best performers the previous week and hits 6 months high on weak Yen. It hits an intraday high of 172.09 and is currently trading around 171.597.
GBPUSD- Trend- Bullish
The pound sterling halted its three days of winning streak and showed a minor sell-off. US PCE YoY March cools down to 4.6% from 4.7% in Feb. The core PCE surged by 0.30% in Mar, in line with the estimate. Market eyes US fed monetary policy this week for further direction. Any close above 1.2580 will take the pair to 1.2650/1.2700.
USDJPY- Bullish
The pair extends to gain for a second consecutive week on hawkish BOJ policy. Significant resistance is 138/140.
GBPJPY analysis-
The near-term support is around 170, a breach below the targets of 168.85/168. The immediate resistance is at 172, any violation above will take the pair to 174/175.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 170 with SL around 168.85 for a TP of 175.
