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GBPJPY regained sharply after a massive sell-off in pound sterling after a hawkish 50 bpbs rate hike by the Bank of England. The weakness in yen against US dollar on upbeat US jobs data. USDJPY hits one week high, any jump above 136 confirms further bullishness. Technically in the hourly chart, the pair is holding above short-term 21-EMA, above 55 EMA, and long-term 200 EMA (162.67). Any violation above 164 will take the pair to next level 165.25/166.20. GBPJPY hits an intraday high of 163.84 and is currently trading around 163.594.
The near-term support is around 163, a breach below targets 161.80/161.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- Bullish
It is good to buy above 164 with SL around 163 for TP of 166.25.
Or
Good to sell below 163 with SL around 164 for TP of 161.
