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GBPJPY trades in a narrow range between 162.64 and 160.89 for the past three days. The pound sterling tumbled sharply against the US dollar due to the energy crisis and political uncertainty. The yen dropped to 24 -a month low against the US dollar on policy divergence between US and Japan. Technically in the 4-hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and below long-term 200 EMA (162.45). Any violation below 161.80 takes to the next level 160.80/159/158. GBPJPY hits an intraday high of 161.713 and is currently trading around 161.516.
The near-term resistance is around 162.60, a breach above targets 163/164.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to avoid it till further confirmation.
