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GBPJPY showed a minor weakness after hitting a high of 165.08 on a weak Pound. It has pared some of its gains from a two-week high of 1.2090. The upbeat UK PMI has increased the chance of a 50 bpbs rate hike by the Bank of England. Any break above 1.2100 confirms further bullishness. Technically in the 4-hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and above long-term 200 EMA (164.05). Any breach below 164 will drag the pair down to take it to the next level to 163/161.80/160. GBPJPY hits an intraday high of 164.96 and is currently trading around 164.59.
The near-term resistance is around 165.20, any breach above targets 166.25/167.
Indicators (4hour chart)
CCI (50) – Neutral
ADX- Neutral
It is good to buy on dips around 164 with SL around 163 for TP of 166.20.
