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FxWirePro- GBPJPY Daily Outlook
GBPJPY jumped more than 100 pips yesterday on the strong Pound sterling. GBP surged drastically against all majors on New UK PM stimulus hopes. Truss announced yesterday that government will introduce an "energy price guarantee" from Oct 1st as households will now pay only £2500. The minor pullback in the Yen against the USD after 11-day of bearish trend puts pressure on GBPJPY at higher levels. Technically in the 4- hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (162.84). Any surge above 166.30 will take the pair to the next level 167/167.80/168. GBPJPY hits an intraday high of 165.16 and is currently trading around 165.348.
The near-term support is around 164.80, a breach below targets 164.20/163.30/162.50.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Neutral
It is good to buy on dips around 165 with SL around 164 for TP of 166.30/167.
