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GBPJPY showed a minor pullback on the weak yen. It hits an intraday high of 162.98 and is currently trading around 162.915.
GBPUSD- Trend- Bullish
The pound sterling lost its shine and hit a fresh year low on board-based US dollar buying. Fed chairman Powell clearly stated that the central bank is likely to increase rates more than anticipated. Any close below 1.1800 will pull the pair to 1.1700.
USDJPY- Bullish
The pair surged sharply and hit the highest level since Dec 7th, 2022 due to policy divergence between US Fed and BOJ. Significant resistance is 138/140.
GBPJPY analysis-
The near-term support is around 162.50, a breach below the targets of 161.70/161. The immediate resistance is at 163.20, any violation above will take the pair to 164/165/166/167.01.
Indicators (4-hour chart)
CCI (50) –Bearish
ADX- Neutral
It is good to sell on rallies around 163.45-50 with an SL of 164.20 for a TP of 162/161.70.
