GBPJPY has halted its five days of the bearish trend and showed a minor pullback from a low of 161.33 levels. The pound sterling gained slightly against the US dollar ahead of US Fed monetary policy. Technically in the 4-hour chart, the pair is holding below short term (21- and 55 EMA) and above 200 MA (161.813). Any close below 161.80 will drag the pair down to 160/159. GBPJPY hits an intraday low of 161.72 and is currently trading around 161.986.
The near-term resistance is around 163.10, any breach above targets 164.35/165/165.31/166.15.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 162.25-30 with SL around 163 for TP of 160/159.
