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GBPJPY breaks significant resistance at 162.67after a long consolidation. The pound sterling gained sharply after the election of UK Troy leadership winner Lizz Truss. The market anticipates a huge stimulus and is expected to propose a new energy bill by the new UK PM. Technically in the 4- hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (162.34). Any surge above 163 will take the pair to the next level 164/166.25. GBPJPY hits an intraday high of 162.99 and is currently trading around 162.925.
The near-term support is around 162.30, a breach below targets 161.50/160.75/160.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Bullish
It is good to buy on dips around 162.65-70 with SL around 162 for TP of 165/166.20.
