GBPJPY trades in a narrow range between 159.04 and 161.30 for the past three days. It holds above 161 on upbeat market sentiment. The minor pullback in the Pound sterling supports the pair at lower levels. Any breach above 1.3200 confirms intraday bullishness.
USDJPY
USDJPY is under pressure and lost 50 pips despite the surging US treasury yield. Intraday bullish continuation only if it breaks 123.20.
Technicals:
On the lower side, immediate support is around 160.20, breach below will drag the pair to the next level to 159.70/159. The minor resistance to be watched is around 161.30, a break above that level confirms intraday bullishness, and a jump till 162/164 is possible.
It is good to sell on rallies 161.30-35 with SL around 162 for the TP of 158.
