GBPJPY recovered massively due to the weak yen. It hits a high of 163.68 and is currently trading around 163.24.
GBPUSD- Trend- Bearish
The pound sterling pared some of its gains on the US dollar pullback. Markets eye US Final GDP data for further direction. Any close above 1.23620 will pull the pair to 1.2400.
USDJPY- Bullish
The pair was one of the best performers this week and surged more than 200 pips yesterday on board-based US dollar selling. Major resistance is 133/134.50.
GBPJPY analysis-
The near-term support is around 162.40, a breach below the targets of 161.70/160.70/159.75/158.95/158.50. The immediate resistance is at 163.70, any violation above will take the pair to 164.25/165/166.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- bullish
It is good to buy on dips of 162.70 with SL around 161.70 for a TP of 165.
