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GBPJPY is trading in a narrow range between 165.13 and 166.48 for the past two days. The pound sterling trades lower despite the weak US dollar. Any breach below 1.2235 confirms a bearish continuation. Technically in the 4-hour chart, the pair is holding above 21-EMA, above 55 EMA, and long-term 200 EMA (163.73). Any break below 165.70 will drag the pair down to 165/164.60/163. GBPJPY hits an intraday high of 166.33 and is currently trading around 166.475.
The near-term resistance is around 166.70, any breach above targets 167.85/168.75.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- neutral
It is good to buy on dips around 166 with SL around 165 for TP of 168.
