GBPJPY jumped more than 200 pips on a weak yen. It hits a high of 172 and is currently trading around 171.286.
GBPUSD- Trend- Bearish
The pound sterling trading in a narrow range due to the absence of positive news to push higher.The optimism over US debt ceiling negotiations and hawkish Fed bets putting pressure on the pair at higher levels. Any break below 1.2430 confirms further bearishness.
USDJPY- Bullish
The pair continues to trade higher on surging US treasury yields. Significant resistance is 138/140.
GBPJPY analysis-
The near-term support is around 171, a breach below the targets of 170/169.30/168.80. The immediate resistance is at 172.50, any violation above will take the pair to 175.
Indicators (4-hour chart)
CCI (50)- neutral
ADX- Neutral
It is good to buy on dips around 170 with SL around 169.30 for a TP of 172.40.
