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GBPJPY continues to trade weak for the past four days and lost more than 300 pips on the weak pound sterling. It has broken significant support at 1.17500 and trades below that level on board-based US dollar. Markets eye UK PMI data for further direction. Technically in the 4-hour chart, the pair is holding below short-term 21-EMA, 55 EMA, and below long-term 200 EMA (162.84). Any violation below 160.80 takes to the next level 160//159/158.GBPJPY hits an intraday low of 160.80 and is currently trading around 161.32.
The near-term resistance is around 162, a breach above targets 163/164.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to sell on rallies around 161.75-80 with SL around 162 for TP of 159.
