GBPJPY lost more than 200 pips on the strong yen. It hits a low of 168.90 and is currently trading around 169.229.
GBPUSD- Trend- Bullish
The pound sterling gained momentum after a less hawkish Fed monetary policy. The central bank hiked rates by 25 bpbs as expected. The Fed reserve has dropped from its policy statement "anticipates" further rate hikes would be needed. Any close above 1.2600 will take the pair to 1.2700.
USDJPY- Bullish
The pair pared most of its gains after Fed monetary policy. Significant support is 134/133.
GBPJPY analysis-
The near-term support is around 168.80, a breach below the targets of 168/166. The immediate resistance is at 170.50, any violation above will take the pair to 171.50/172.35.
Indicators (4 Hour chart)
CCI (50)- Neutral
ADX- Neutral
It is good to sell on rallies around 170 with SL around 172 for a TP of 166.
