GBPJPY trades in a narrow range in Asian sessions between 165.86 and 165.61. Technically in the hourly chart, the pair is holding above short term (21- and 55 EMA) and 200 MA (167.37). Any break below 164.35 will drag the pair down to 162.90/161.85/160. GBPJPY hits an intraday high of 165.87 and is currently trading around 165.76.
The near-term resistance is around 166.25, any breach above targets 167/168/168.75.
Indicators (Hourly chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 165.20-25 with SL around 164.30 for TP of 168/168.70..
