GBPJPY lost its shine after three weeks of the bullish trend. It hits a high of 172.32 and is currently trading around 169.93.
GBPUSD- Trend- Bullish
The pound sterling showed a minor pullback on US banking turmoil. The collapse of the First republic bank has dragged the US dollar index lower. Markets eye US Fed monetary policy for further direction. Any close below 1.2430 will take the pair to 1.2380/12350.
USDJPY- Bullish
The pair pared some of its gains ahead of Fed monetary policy. Significant resistance is 138/140.
GBPJPY analysis-
The near-term support is around 169.80, a breach below the targets of 168.85/168/166. The immediate resistance is at 172.50, any violation above will take the pair to 174/175.
Indicators (4 Hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to sell on rallies around 170.45-50 with SL around 172.50 for a TP of 166.
