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FxWirePro- GBPJPY Daily Outlook
GBPJPY trades in a narrow range between 165.19 and 163.56 for the past two days. The pound sterling gained above 1.18500 as the probability of a 100 bpbs hike by the Fed in the June meeting fades. Any jump above 1.9100 confirms a bearish continuation. Technically in the 4-hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.72). Any breach above 165.20 will take the pair to next level to 166/167. GBPJPY hits an intraday high of 165.19 and is currently trading around 164.418.
The near-term support is around 163.50, any breach below targets 163/161.80.
Indicators (4-hour chart)
CCI (50) - Bullish
ADX- Bullish
It is good to buy on dips around 164 with SL around 163 for TP of 166.
