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GBPJPY surged sharply on the weak yen. It hits a high of 167.97 and is currently trading around 167.43.
GBPUSD- Trend- Bearish
The pound sterling gained sharply after hot UK CPI data. Any close above 1.2500 will take the pair to 1.2580/1.2650.
USDJPY- Bullish
The pair retreats from six weeks high on easing US treasury yields. Significant support is 133.69/132.77.
GBPJPY analysis-
The near-term support is around 167, a breach below the targets of 166/165. The immediate resistance is at 168, any violation above will take the pair to 170.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 167 with SL around 166 for a TP of 170.
