FxWirePro- GBPJPY Daily Outlook

GBPJPY is trading flat ahead of Bank of England monetary policy. Markets expect BOE to hike rates by 50 bpbs highest levels since 1995 as UK CPI hits a 40-year high. The minor weakness in the yen also supports the pair at lower levels. Technically in the hourly chart, the pair is holding above short-term 21-EMA, above  55 EMA, and long-term 200 EMA (162.87). Any violation above 163..67 will take to the next level to 164.30/165. GBPJPY hits an intraday high of 163.05 and is currently trading around 162.18.

 The near-term support is around 161.20, a breach below targets 160/159.

 Indicators (1-hour chart)

CCI (50) – Bullish

ADX- Bullish

It is good to buy on dips around 163.05 with SL around 162.40 for TP of 165.