FxWirePro- GBPJPY Daily Outlook

GBPJPY surged drastically and hits a 4-week high on a weak yen. The pound sterling trades weak against the US dollar on board based US dollar buying energy crisis in the UK.  Cable enjoyed a minor pullback after the election of a 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 (162.50). Any surge above 166.25 will take the pair to the next level 167/167.80/168. GBPJPY hits an intraday high of 165.72 and is currently trading around 165.549.

 The near-term support is around 165, a breach below targets 164.20/163.30/162.50.

 Indicators (4-hour chart)

CCI (50) – Bullish

ADX-  Bullish

It is good to buy on dips around 165 with SL around 164 for TP of 166.30/167.