GBPJPY pared some of its gains on the weak Pound sterling. It hits an intraday high of 159.78 and is currently trading around 159.95.
GBPUSD- Trend- Bullish
The cable reversed its gains in the London session and holds below 1.21500 ahead of US CPI. Analysts anticipate annual inflation to decline to 6.5% from 7.1% and monthly CPI to remain unchanged at 0.30%. 0.30% m/m. Any close below 1.2100 will take the pair to 1.2040/1.200.
USDJPY- Bearish
The pair lost its shine after BOJ policy board member Sayuri Shirai called for a review of monetary policy. Major resistance is 132.70/134/134.80.
GBPJPY analysis-
The near-term support is around 159.60, a breach below targets of 158.50/157.70. The immediate resistance is around 161.25 (21- day EMA), a jump above will take the pair to 162/163.
Indicators (4-hour chart)
CCI (50) –Bullish
ADX- Bullish
It is good to sell on rallies around 160.25-30 with SL around 161.25 for a TP of 158.
