GBPJPY showed a nice pullback from the minor bottom of 168.05 on the strong Pound sterling. It hits an intraday high of 169.38 and is currently trading around 169.276.
GBPUSD- Trend- Bullish
The pound sterling hits a fresh year high on board-based US dollar weakness. The US dollar index lost momentum after a dovish 25 bpbs rate hike. Markets eye US Nonfarm payroll data for further direction. Any close above 1.2650 will take the pair to 1.2760.
USDJPY- Bullish
The pair trades weak for the fourth consecutive day ahead of the US Nonfarm payroll. Significant support is 133.50/132.
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.
