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GBPJPY is trading higher for the second consecutive day on a weak yen. The yen lost its shine after upbeat US CPI data and hits a 23-year low against the USD. According to the CME Fed watch tool, the probability of a 100 bpbs rate hike in Jul rose to 82.1% from 7.6% a week ago.
Technically in the 4-hour chart, GBPJPY the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (163.65). Any breach above 164.50 will take the pair to next level to 165/166. GBPJPY hits an intraday high of 164.05 and is currently trading around 164.03.
The near-term support is around 163.45, any violation below targets 163/162.35/161.80.
Indicators (4-hour chart)
CCI (50) - Bullish
ADX- Neutral
It is good to buy on dips around 163.55-60 with SL around 163 for TP of 165/166.
