GBPJPY pared some of its gains on the weak Pound sterling. It hits an intraday low of 170.13 and is currently trading around 170.29.
GBPUSD- Trend- Bullish
The pound sterling declined more than 50 pips after hitting a multi-week high of 1.26686 amid a cautious mood. The chance of a decline in policy divergence between the BOE and Fed supports the Pound sterling at lower levels. Any close above 1.2660 will take the pair to 1.280.
USDJPY- Bullish
The pair lost its shine despite surging US treasury yield. Significant resistance is 135.25/136.
GBPJPY analysis-
The near-term support is around 169.80, a breach below the targets of 169.60/169/168. The immediate resistance is at 171, any violation above will take the pair to 172.50/175.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 170 with SL around 169 for a TP of 172.50.
