GBPJPY pared most of its gains made yesterday. Pound sterling lost its shine against the US dollar after Putin announced more troops for Ukraine. Any breach below 1.13000 confirms a bearish continuation. Technically 4-hour chart holds below short-term 55-EMA, 21 EMA, and long-term 200 EMA (163.53). Any decline below 162 will take the pair to the next level 160.80/159. GBPJPY hits an intraday high of 162.31 and is currently trading around 162.915.
The near-term resistance is around 163.50, a breach above targets 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.
