GBPJPY consolidating in a narrow range between 193.98 and 193.07 yesterday. It hit a high of 193.90 at the time of writing and is currently trading around 193.83. 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 200 EMA (193.80) in the 15-minute chart.
The near-term resistance is around 194.25, a breach above targets 195/196/197.37 (161.8% fib)/198/200. Major trend continuation only above 196. The immediate support is at 193.40 any violation below will drag the pair to 193/192.50/191.70.
Indicator (4-hour chart)
CCI (50)- Bullish
ADX- neutral. All indicators confirm the mixed trend.
It is good to buy on dips around 193.68-70 with SL around 193 for a TP of 196.
