GBPJPY gained more than 250 pips on board-based yen weakness. The dovish comment from BOJ Kuroda is supporting the pair at lower levels. The pound sterling pared some of its gains made after upbeat US NFP data. Any daily close below 1.19000 confirms a bearish continuation. Technically in the 4-hour chart, the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.75). Any breach above 164.50 will take the pair to next level to 165.30/166. GBPJPY hits a high of 164.46 and is currently trading around 163.99.
The near-term support is around 163.70, any breach below targets 163/161.80.
Indicators (4-hour chart)
CCI (50) - Bearish
ADX- Neutral
It is good to buy on dips around 164 with SL around 163 for TP of 166.
