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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 164 with SL around 16 for TP of 166.30/167.
