GBPJPY halted its four days of bullish trend due to profit booking. It hits a high of 172.15 yesterday and is currently trading around 171.49.
GBPUSD- Trend- Bearish
The pound sterling trades below 1.2400 on a solid US dollar. US debt ceiling negotiations and hopes of one more rate hike by the Fed in June supporting the US dollar index. Any break below 1.2390 confirms further bearishness.
USDJPY- Bullish
The pair continues to trade higher on surging US treasury yields. Significant resistance is 139/140.
GBPJPY analysis-
The near-term support is around 171, a breach below the targets of 170/169.30/168.80. The immediate resistance is at 172.50, any violation above will take the pair to 175.
Indicators (4-hour chart)
CCI (50)- neutral
ADX- Neutral
It is good to buy on dips around 170 with SL around 169.30 for a TP of 172.40.
