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GBPJPY surged sharply on the bullish pound sterling. It gained against the USD for the past two days in hopes of stimulus by the new UK PM. UK economy expanded by 0.2% in Jul compared to a forecast of 0.3%. The minor pullback in the Yen prevented the pair from further bullishness. Technically in the 4-hour chart, holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (162.98). Any surge above 167 will take the pair to the next level 167.80/168.70. GBPJPY hits an intraday high of 166.98 and is currently trading around 166.864.
The near-term support is around 166.35, a breach below targets 165.75/165.30/164.30.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Bullish
It is good to buy on dips around 166.35-40 with SL around 165 for TP of 168.70.
