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GBPJPY declined once again after a pullback above 160.50 on the strong yen. The pound sterling gained momentum after upbeat UK GDP data. It came at 1.3% QOQ in Q4 2021 vs an estimate of 1%. Any breach above 1.3020 confirms the intraday bullishness.
USDJPY
USDJPY declined sharply from a six-year high as no signs of a deal between Russia and Ukraine.The near–term support is around 121 and bullish continuation only if it breaks 125.10.
Technicals:
On the lower side, immediate support is around 159, violation breach below will drag the pair to the next level to 158/157.75. The minor resistance to be watched is around 160.35,a jump above that level confirms intraday bullishness, a jump till 161/161.50 is possible.
It is good to sell on rallies 160.20-25 with SL around 161.35 for the TP of 158.
