GBPJPY showed a nice pullback on the strong pound sterling. It hits an intraday high of 170.87 and is currently trading around 170.55.
GBPUSD- Trend- Bullish
The pound sterling hits fresh year high despite upbeat US jobs data. The US economy added 253000 nonfarm payrolls in Apr, well above the estimated 181000. The unemployment rate dropped to 3.40%, the lowest level since May 1969. Any close above 1.2660 will take the pair to 1.280.
USDJPY- Bullish
The pair traded higher after the BOJ meeting minutes. Significant resistance is 135.25/136.
GBPJPY analysis-
The near-term support is around 169.80, a breach below the targets of 169.60/169/168. The immediate resistance is at 171, any violation above will take the pair to 172.50/175.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 170 with SL around 169 for a TP of 172.50.
