GBP/JPY Technical Outlook

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GBP/JPY has surged higher today as GBP has strengthened against the USD because of strong CPI data and USD JPY has been strengthening as well. Intraday bias in GBP/JPY is bullish as the price is currently above the SMA50 and the Stochastic has also crossed over upwards on the hourly charts. Currently GBP/JPY is coming up against the strong resistance zone 169.00-169.20.  A sustained move over 169.00 may increase momentum towards the upside.

Trade Suggestion:

Buy above 169.20 with Stop Loss @168.20 and Take Profit @170.20.

gbpjpy

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