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GBPJPY trades in a narrow range between 169.09 and 167.29 for the past two trading days. The British Pound surged sharply yesterday on upbeat global cues. The chance of an aggressive rate hike by the Fed diminished after weak US economic data. Markets eye US CPI, Midterm elections, and UK fiscal plans for further direction. Any violation above 1.1650 confirms further bullishness; a jump to 1.1800 is possible. Technically in the 4-hour chart, GBPJPY holds above short-term 21-EMA, 55- EMA, and above long-term 200 EMA (166.36). Any convincing close below 168 will drag the pair to the next level 166.60/165. GBPJPY hits an intraday low of 168.22 and is currently trading around 168.18.
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.
