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GBPJPY showed a nice pullback above 165 on a weak yen. The pound sterling pared some of its gains made yesterday ahead of Fed monetary policy. Any break above 1.2100 confirms further bullishness. Technically in the 4-hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and above long-term 200 EMA (164.05). Any breach above165.25 will take the pair to next level to 166.20/167. GBPJPY hits an intraday high of 165.28 and is currently trading around 165.045.
The near-term support is around 164.80, any violation below 164.50/164/163.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Neutral
It is good to buy on dips around 164.70 with SL around 164 for TP of 166.20.
