GBPJPY hits a fresh six-month high on a weak yen. It hits a high of 172.62 yesterday and is currently trading around 172.06.
GBPUSD- Trend- Bearish
The pound sterling is under pressure on board-based US dollar buying. Markets eye UK Flash Manufacturing, services PMI, and Bailey testimony for further direction. Any break above 1.2485 confirms further bullishness.
USDJPY- Bullish
The pair breaks the previous week's high on surging US treasury yield. Significant resistance is 139/140.
GBPJPY analysis-
The near-term support is around 171.50, a breach below the targets of 171/170/169.30/168.80. The immediate resistance is at 172.65, any violation above will take the pair to 175.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 171.50 with SL around 170.80 for a TP of 173.
