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GBPJPY pared most of its gains made yesterday on the weak Pound sterling. It has broken significant support at 1.1900 and hit two year low on board-based US dollar buying. Markets eye BOE Bailey's speech for further direction. Any violation below 1.1850 confirms a bearish continuation. Technically in the 4-hour chart, GBPJPY the pair is holding below short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.74). Any breach below 162.70 will take the pair to next level to 161.80/161. GBPJPY hits an intraday low of 162.72 and is currently trading around 162.86.
The near-term resistance is around 163.25, any surge above targets 164/164.50.
Indicators (4-hour chart)
CCI (50) - Bearish
ADX- Bearish
It is good to sell on rallies around 163.20-25 with SL around 164 for TP of 160.
