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GBPJPY declined slightly after a minor pullback on the weak Pound sterling. US dollar gained against all majors on hawkish 50 bpbs rate hike by Fed in Sep meeting. Markets eye the Jackson hole symposium on Aug 25th, 2022 for further direction. The minor sell-off in USDJPY from the monthly high also supports the pair at lower levels. Any close below 1.17500 confirms further bearishness in GBPUSD. Technically in the 4-hour chart, the pair is holding below short-term 21-EMA, 55 EMA, and below long-term 200 EMA (162.24). Any violation past 162.80 takes to the next level 163.60/164. Any breach above 164 confirms a minor bullish trend. A jump to 165/166.30 is possible.GBPJPY hits an intraday low of 162.808 and is currently trading around 162.645.
The near-term support is around 161.50, a breach below targets 160/159.
Indicators (4-hour chart)
CCI (50) – Neutral
ADX- Neutral
It is good to buy on dips around 162 with SL around 161 for TP of 164/165.
