GBPJPY pared some of its gains made yesterday on mixed UK jobs data. It hits an intraday high of 169.55 and is currently trading around 169.54.
GBPUSD- Trend- Bearish
The pound sterling lost its shine after a surge in the unemployment rate. The number of people who have filed for unemployment benefits has increased to 46.7k compared to a forecast of 31.2K. The unemployment rate rose to 3.9% from 3.8% the previous month. Any break below 1.2430 confirms further bearishness.
USDJPY- Bullish
The pair declined slightly in hopes of a pause in Fed tightening. 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 171.20, any violation above will take the pair to 172.50/175.
Indicators (4-hour chart)
CCI (50)- neutral
ADX- Neutral
It is good to buy on dips around 169.15-20 with SL around 168.80 for a TP of 172.
