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GBPJPY trading in a narrow range between 164.46 and 161.82 for the past three days. The pound sterling recovered to a softer US dollar. Markets eye BOE Bailey's speech confirms that the central bank's main focus is to keep inflation back to 2%. Any violation below 1.1800 confirms a bearish continuation. Technically in the 4-hour chart, GBPJPY the pair is holding above short-term 21-EMA, below 55 EMA, and long-term 200 EMA (163.66). Any breach above 163.50 will take the pair to next level to 164/164.50/166. GBPJPY hits an intraday high of 163.50 and is currently trading around 163.075.
The near-term support is around 162.35, any violation below targets 161.80/160.
Indicators (4-hour chart)
CCI (50) - Neutral
ADX- Neutral
It is better to wait till a clear trend occurs.
