GBPJPY showed a nice pullback on the weak yen. It hits an intraday high of 171.17 and is currently trading around 171.03.
GBPUSD- Trend- Bullish
The pound sterling holds above 1.2600 ahead of US CPI data. Any jump in inflation will increase the chance of further rate hikes by the Fed. Any close above 1.2660 will take the pair to 1.280.
USDJPY- Bullish
The pair is trading higher for a third consecutive day on a jump in US treasury yield. Significant resistance is 136/138.
GBPJPY analysis-
The near-term support is around 170.50, a breach below the targets of 169.80/169/168. The immediate resistance is at 171.50, any violation above will take the pair to 172.50/175.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 170.50 with SL around 169.50 for a TP of 172.50.
