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The GBP/JPY gained after forming a double bottom near 198.50. It hit an intraday high of 199.07 and is currently trading around 199.063. Intraday trend is bullish as long as support 197.85 holds.
‘The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 15-minute chart, confirming a bullish trend. Any violation below 198.50 indicates the intraday trend is weak. A dip to 198/197.70/196.70/196.25/195.25/194/193.70 is possible. Immediate resistance is at 199.20 a breach above this level targets of 200/202/204.
Market Indicators (15 min chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It Is good to buy on dips around 198. 95-99 with SL around 198.40 for a TP of 202.
