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GBPJPY pared most of its gains made yesterday on Pound sterling weakness. It has lost more than 300 pips against the US dollar after upbeat US CPI data. The US inflation for Aug dropped to 8.3% YoY Compared to a forecast of 8.1%. Core CPI surged 0.6% over the month, to an annual rate of 6.3%. GBP surged above the 1.15000 level after UK CPI data. It jumped to 6.3% on a yearly basis from 6.2% earlier. Technically 4-hour chart holds above short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.28). Any decline below 165.50 will take the pair to the next level 164.30/163. GBPJPY hits an intraday low of 164.69 and is currently trading around 165.12.
The near-term resistance is around 165.60, a breach above targets 166.35/167/168/168.70.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Neutral
It is good to sell on rallies around 165.95-66 with SL around 167 for TP of 164.50.
