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GBPJPY gained sharply on Friday after upbeat US jobs data. It hit a high of 195.62 at the time of writing and is currently trading around 194.37. Overall trend remains bullish as long as support 193.40 holds.
Technicals-
The pair is trading above short-term 34, above 55 EMA (192.629 and 192.603), and long-term 200 EMA (191.90) in the hourly chart.
The near-term resistance is around 196,a breach above targets 196.25/197.37 (161.8% fib)/198/200. Major trend continuation only above 196. The immediate support is at 194.13, any violation below will drag the pair to 193.50/193/192.50/191.70.
Indicator (4-hour chart)
CCI (50)- Bullish
ADX- neutral. All indicators confirms mixed trend.
It is good to buy above 196 with SL around 195 for a TP of 198.
