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GBPJPY trades lower on the weak Pound sterling. The pound sterling lost its shine against the USD after Fed hiked rates by 75bpbs, the biggest increase since 1994. Any breach below 1.2050 confirms the minor bearish trend. 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 160.70 and is currently trading around 161.04.
The near-term resistance is around 163.10, any breach above targets 163.80/164.35/165/165.31/166.15.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 161.25-30 with SL around 162 for TP of 159/158.
