GBPJPY gained sharply after hitting a low of 160.08. It has shown a minor decline despite upbeat UK CPI. The annual inflation surged to a 40-year high of 10.1%, above a forecast of 9.4%. Any breach above 1.2150 confirms further bullishness. Technically in the hourly chart, the pair is holding above short-term 21-EMA, 55 EMA, and long-term 200 EMA (162.13). Any violation past 163 takes to the next level 164. Any breach above 164 confirms a minor bullish trend. A jump to 165/166.30 is possible.GBPJPY hits an intraday high of 163.04 and is currently trading around 162.99.
The near-term support is around 162.50, a breach below targets 162/161.50/160.
Indicators (1-hour chart)
CCI (50) – Bullish
ADX- Bullish
It is good to buy on dips around 162.85-90 with SL around 162.40 for TP of 164/165.
