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GBPJPY regained sharply after hitting six week low on the weak yen. The yen lost its shine yesterday against the US dollar after a hawkish statement by Fed speakers. The minor decline in pound sterling prevented the pair from further upside. Any break below 1.2120 confirms further bearishness. Technically in the hourly chart, the pair is holding above short-term 21-EMA, above 55 EMA, and below long-term 200 EMA (162.87). Any violation above 162.87 will take the pair to next level to 163.67/164.30. GBPJPY hits an intraday high of 162.61 and is currently trading around 162.18.
The near-term support is around 161.20, a breach below targets 160/159.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Bearish
It is good to buy on dips around 161 with SL around 160 for TP of 1163/165.
