FxWirePro- GBPJPY Daily Outlook
GBPJPY consolidates in a narrow range after a massive sell-off. The pound sterling hits a fresh two-year low against the US dollar in expectations of another 75 bpbs hike by the Fed in Sep 21st policy meeting. Technically 4-hour chart, holds below short-term 21-EMA, above 55 EMA, and long-term 200 EMA (163.53). Any decline below 162.70 will take the pair to the next level 162/160.80/159. GBPJPY hits an intraday high of 163.405 and is currently trading around 163.332.
The near-term resistance is around 163.60, a breach above targets 164 164.50/165/166.35/167/168/168.70.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Bearish
It is good to sell on rallies around 163.95-164 with SL around 165 for TP of 160.60.
