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GBPJPY recovered sharply on the strong Pound sterling. It surged higher against the US dollar as fears of a recession in the US escalates. The weak US economic data has decreased the chance of aggressive rate hikes by the Fed.
Bank of England recession warnings putting pressure on the Pound sterling at higher levels. Markets eye the UK budget for further direction. A violation above 1.1550 confirms further bullishness; a jump to 1.1600 is possible. Technically in the 4-hour chart, GBPJPY holds above short-term 21-EMA, 55- EMA, and above long-term 200 EMA (166.09). Any convincing close below 168 will drag the pair to the next level 166.60/165. GBPJPY hits an intraday low of 168.38 and is currently trading around 168.47.
The near-term resistance is around 169.20, a breach above targets 170/172.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to sell on rallies around 169 with SL around 170 for a TP of 163.95.
