GBPJPY has halted its four days of a bullish trend and showed a minor sell-off. The pair was one the best performers the previous month on surging US Treasury yields putting pressure on the yen. The policy divergence between Fed and BOE dragging the pound sterling against the US dollar. Any breach below 1.3050 will drag GBPUSD further down. GBPJPY hits an intraday low of 161.65 and is currently trading around 161.73.
USDJPY
USDJPY gained after hawkish Fed meeting minutes. Any bullish continuation only if it breaks 125.20.
Technicals:
On the lower side, immediate support is around 161.40, breach below will drag the pair to the next level to 160.50/159.70/159. The minor resistance to be watched is around 162.30, a break above that level confirms intraday bullishness, and a jump to 164 is possible.
It is good to buy on dips around 161 with SL around 160 for the TP of 164.
