GBPJPY declined more than 200 pips after BOE monetary policy. It hits a low of 167.83 and is currently trading around 168.86.
GBPUSD- Trend- Bearish
The pound sterling pared its gains after BOE monetary policy. The central bank hiked rates by 25 bpbs to 4.50%, the highest since 2008. "If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required," the BoE said
UK monthly GDP for Mar dropped -0.30%, compared to a forecast of 0.0%. The first quarter GDP came at 0.10% in line with the estimate.
USDJPY- Bullish
The pair recovered more than 100 pips from the minor bottom of 133.74 on declining US yields. Significant resistance is 136/138.
GBPJPY analysis-
The near-term support is around 167.80, a breach below the targets of 167/166. 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 169.10-15 with SL around 170.20 for a TP of 167.
