GBPJPY consolidating in a narrow range between 194.37 and 193.89 for the past two days. It hit a high of 194.37 at the time of writing and is currently trading around 194.08. Overall trend remains bullish as long as support 192.50 holds.
Technicals-
The pair is trading above short-term 34, above 55 EMA (193.74 and 193.68), and long-term 365 Hull MA (193.89) in the one-hour chart.
The near-term resistance is around 194.45 (200 Hull MA), a breach above targets 195/195.62/196/197.37 (161.8% fib)/198/200. Major trend continuation only above 196. The immediate support is at 193.89, any violation below will drag the pair to 193.40/192.88/192.50.
Indicator (1-hour chart)
CCI (50)- Bullish
ADX- neutral. All indicators confirm mixed trend.
It is good to buy above 194.45 with SL around 194 for a TP of 195.60/195.97.
