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GBPJPY gained slightly after hot UK CPI data. The annual inflation jumped to 11.1% in Oct, above the estimate of 10.1%. The Pound sterling pared some of its gains after showing a minor pullback to 1.18992. Any close above 1.2030 confirms further bullishness; a jump to 1.2110 is possible. Technically in the 4-hour chart, GBPJPY holds below 21-EMA, 55- EMA, and long-term 200 EMA (166.19). Any convincing close above 166.25 will take to the next level 166.75/167.61/168.50. GBPJPY hits an intraday high of 166.248 and is currently trading around 165.73.
The near-term support is around 165, a breach below targets 164.40/163.65/163.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to buy above 166.25 with SL 165.55 for a TP of 168.
