GBPJPY surged sharply on board-based yen weakness. It hits a high of 189.41 and is currently trading around 189.14. Intraday trend is bullish as long as support 188 holds.
Markets eye BOE monetary policy today for further direction.
Technicals-
The pair is trading above short-term 34, below 55 EMA (186.04 and 186.84), and long-term 200 EMA (190.18) in the 4-hour chart.
The near-term resistance is around 189.50, a breach above targets 189..83/190/191.25/193.50. Major trend continuation only above 193.50. The immediate support is at 188, any violation below will drag the pair to 186.70/185.80/185.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 188.50 with SL 187.45 for a TP of 190/191.25.
