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GBPJPY is trading weak for a third consecutive week and lost more than 500 pips on a strong yen. US dollar index struggling to gain momentum after dovish rate hike by Fed. The nice pullback in pound sterling prevents the pair from further sell-off. Any break above 1.2250 confirms further bullishness. Technically in the 4-hour chart, the pair is holding below short-term 21-EMA, above 55 EMA, and long-term 200 EMA (164.01). Any breach below 160 will take the pair to next level to 157/155.60. GBPJPY hits an intraday low of 161.03 and is currently trading around 161.165.
The near-term resistance is around 162, with violations below 162.80/163.90.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Bearish
It is good to sell on rallies around 162 with SL around 163 for TP of 160.
