GBPJPY traded weak for the third consecutive day and lost more than 200 pips from a minor top of 174.68 on the weak pound sterling. It hits a low of 172.67 and is currently trading around 172.85.
GBPUSD- Trend- Bearish
The pound sterling is under pressure on board-based US dollar buying. Markets eye UK PM Sunak's US visit for further direction. Any break below 1.2360 confirms further bearishness.
UK May construction PMI inched higher to 51.60vs 5.10 expected.
USDJPY- Bullish
The pair trades below 140 on declining US treasury yields. Significant Support is 1
GBPJPY analysis-
The near-term support is around 172.50, a breach below targets 171.80/171/170. The immediate resistance is at 175, any violation above will take the pair to 176/177.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 173.50-55 with SL around 175 for a TP of 170
