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GBPJPY pared some of its gains made yesterday on the weak pound sterling. Markets eye UK CPI data today for further movements. Technically in the 4-hour chart, the pair is holding above short-term (21- and 55 EMA) and long-term 200 EMA (163.13). Any break below 166.20 will drag the pair down to 165.65/164.40. GBPJPY hits an intraday low of 166.49 and is currently trading around 166.79.
The near-term resistance is around 167, any breach above targets 168/168.75.
Indicators (Hourly chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 166 with SL around 165 for TP of 168.
