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GBPJPY trades flat after a minor pullback. The intraday trend remains bullish as long as support 167.30 holds. Markets eye UK PMI data for further direction. According to the OECD forecast, the UK economy would decline by 0.4% in 2023 and rise by 0.2% in 2024. Any close above 1.19500 confirms further bullishness, a jump to 1.2035 is possible. Technically in the 4-hour chart, GBPJPY holds above 21-EMA, 55- EMA, and long-term 200 EMA (166.20). Any convincing close above 168.65 will take it to the next level 169/170. GBPJPY hits an intraday low of 167.50 and is currently trading around 167.573
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The minor sell-off in USDJPY after four days of a bullish trend put pressure on GBPJPY at higher levels.
The near-term support is around 167, a breach below targets 166.20/165.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Neutral
It is good to buy on dips around 167 with SL 166.20 for a TP of 169.
