GBPJPY traded higher for the third consecutive day and hits its highest level since 2016 on strong Pound sterling. It hits a high of 175.03 and is currently trading around 174.92.
GBPUSD- Trend- Bearish
The pound sterling jumped more than 100 pips yesterday on rising UK gilt yields. The hope of a rate hike by the BOE in the next monetary policy meeting pushing GBP higher. Any break above 1.22560 confirms further bullishness.
USDJPY- Bullish
The pair recovered after hitting a fresh week low of 138.75 on declining US treasury yield. Significant Support is 138.75/138.
GBPJPY analysis-
The near-term support is around 173.90, a breach below targets 173/172.50/171.80/171/170. 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 buy on dips around 174.50 with SL around 173.80 for a TP of 176.
