GBPJPY recovered more than 200 pips from a low of 160.03 on the strong pound sterling. It hits an intraday high of 162.823 and is currently trading around 162.77.
GBPUSD- Trend- Bullish
The pound sterling pared some of its gains ahead of UK employment data. Any upbeat data will push the pair above yesterday's high of 1.21995. Markets eye US CPI data for further direction. Any close above 1.2200 will pull the pair to 1.2270.
USDJPY- Bearish
The pair jumped above 150 pips on short covering ahead of US CPI. Major support is 131.50/130
GBPJPY analysis-
The near-term support is around 162.50, a breach below the targets of 161.70/161/160. The immediate resistance is at 163, any violation above will take the pair to 164/165/166/167.01.
Indicators (4-hour chart)
CCI (50)- Neutral
ADX- Neutral
It is good to sell on rallies around 163.45-50 with an SL of 164.50 for a TP of 160.
