GBPJPY hits a multi-week high after hawkish rate pause by BOE. It hit a high of 190.39 at the time of writing and is currently trading around 189.16. Intraday trend is bullish as long as support 188 holds.
Markets eye UK retail sales for further direction.
Technicals-
The pair is trading above short-term 34, below 55 EMA (186.04 and 186.84) and long-term 200 EMA (190.18) in the 4-hour chart.
The near-term resistance is around 190, a breach above targets 190.50/191.25/193.50. Major trend continuation only above 193.50. The immediate support is at 188.70, any violation below will drag the pair to 188/187.40/186.70/185.80/185.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 188.50 with SL 187.45 for a TP of 190/191.25.
