Support – 161.62, 160.00, 159.00
- Pair, along with EUR/JPY cross, stays bid as anticipated yesterday, but is having a tough time rising through hurdle at 162.76.
- Repeated failure could trigger a minor bout of weakness that could yield 161.62 (daily low).
- On the other hand, at least a 15-min closing above 162.76 is essential to bring in fresh bids and fuel rally towards 163+ levels.
Note – Repeated failure at 162.76 could also be an indication of correction in Cable as Yen is likely to stay under pressure ahead of BOJ