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GBPJPY was one of the worst performers in the past three weeks on the weak Pound sterling. It hits an all-time low against the US dollar on board-based US dollar buying UK recession fears. It has fallen to a record low after UK Chancellor promised more tax cuts. The policy divergence between US Fed and BOE also puts pressure on GBP. Technically in the 4-hour chart, holds below short-term 55-EMA, 21 EMA, and long-term 200 EMA (162.45). Any convincing break below 153.50 will take the pair to the next level 150/148.65. GBPJPY hits an intraday low of 155.93 and is currently trading around 155.70.
The near-term resistance is around 157.50, a breach above targets 158.60/160.
Indicators (4-hour chart)
CCI (50) – Bearish
ADX- Neutral
It is good to sell on rallies around 156.50-55 with SL around 158 for TP of 150.
