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GBPJPY showed a nice pullback of more than 450 pips the previous week on the weak Yen. It hits a high of 162.17 and is currently trading around 161.428.
GBPUSD- Trend- Bearish
The pound sterling reversed its bearish trend on upbeat UK retail sales. It came at 0.50% in Jan, above the estimate of -0.30%. Market eyes UK flash manufacturing and services PMI for further direction. Any close above 1.2075 targets 1.2150.
USDJPY- Bearish
The pair showed a minor sell-off despite a strong US treasury yield. Major resistance is 134.80/136.
GBPJPY analysis-
The near-term support is around 160.70, a breach below targets of 160/159/158/156.70/155.60/155. The immediate resistance is at 162.20, any violation above will take the pair to 163/165.
Indicators (4-hour chart)
CCI (50) –bullish
ADX- Neutral
It is good to buy on dips around 160.50-55 with SL around 159 for a TP of 163/165.
