GBPJPY pared most of its gains on the strong yen. It hits an intraday low of 169.13 and is currently trading around 169.145.
GBPUSD- Trend- Bullish
The pound sterling trades flat ahead of BOE monetary policy. Markets expect a 25 bpbs rate hike by BOE to 4.50%. Any hawkish comments from BOE Governor Bailey will push the Pound sterling above the recent high of 1.26778.
USDJPY- Bullish
The pair lost more than 150 pips from a minor top of 135.41 on board-based US dollar selling. Significant resistance is 136/138.
GBPJPY analysis-
The near-term support is around 169, a breach below the targets of 168/167. The immediate resistance is at 170, any violation above will take the pair to 171.20/172.50/175.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Neutral
It is good to sell on rallies around 170 with SL around 171 for a TP of 167.
