GBPJPY is trading weak after a minor pullback from the previous week's low of 159.62. The pound sterling declined below 1.25500 ahead of the US FOMC meeting. Markets already factoring 50 basis rate hikes. Any breach below 1.2400 confirms further bearishness. GBPJPY hits an intraday high of 163.41 and is currently trading around 163.289.
USDJPY
USDJPY holds above 130 ahead of Fed policy guidance. The intraday weakness is only below 129.
Technicals:
On the lower side, immediate support is around 162, breach below will drag the pair to the next level to 159. The minor resistance to be watched is around 164.25, a break above that level confirms intraday bullishness, and a jump to 165/166/168 is possible.
It is good to sell on rallies around 162.55-60 with SL around 164.25 for the TP of 159/156.


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