GBPJPY regained above 170 on the weak yen. The yen lost more than 100 pips against the USD as BOJ has not taken any action to support the yen's strengthening. The minor sell-off in the pound sterling prevented GBPJPY from further upside. Any violation below 1.1500 confirms further bearishness, a jump to 1.1400 is possible. Technically in the 4-hour chart, GBPJPY holds above short-term 21-EMA, 55- EMA, and long-term 200 EMA (165.03). Any convincing close above 170 will take the pair to the next level 172/175. GBPJPY hits an intraday high of 170.40 and is currently trading around 170.25.
The near-term support is around 168.75, a breach below targets 168.25/167.40.
Indicators (4-hour chart)
CCI (50) – Bullish
ADX- neutral
It is good to buy on dips around 169.50-55 with SL around 168.75 for a TP of 172.
