GBPJPY is trading higher for the second consecutive day on a weak yen. It hits an intraday high of 169.79 and is currently trading around 169.73.
GBPUSD- Trend- Bearish
The pound sterling pared its gains on board-based US dollar buying. The less hawkish rate hike by BOE on Thursday put pressure on the Pound sterling at higher levels. Markets eye uk Claimant count change data tomorrow for further direction. Any break below 1.2430 confirms further bearishness.
USDJPY- Bullish
The pair gained sharply on the dovish Bank of Japan outlook and bullish equity markets. Significant resistance is 138/140.
GBPJPY analysis-
The near-term support is around 169.30, a breach below the targets of 168.80/168. 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 buy on dips around 169.15-20 with SL around 168.80 for a TP of 172.
