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GBPJPY surged sharply more than 100 pips yesterday on the weak yen. It hit a high of 195.50 at the time of writing and is currently trading around 195.19. Overall trend remains bullish as long as support 193.50 holds.
Technicals-
The pair is trading above short-term 34, above 55 EMA (193.72 and 194.49), and long-term 365 Hull MA (194.51) in the one-hour chart.
The near-term resistance is around 195.65, a breach above targets 196/197.37 (161.8% fib)/198/200. Major trend continuation only above 196. The immediate support is at 194.50, any violation below will drag the pair to 193.80/193.50/192.88/192.50.
Indicator (1-hour chart)
CCI (50)- Bullish
ADX- Bullish All indicators confirm a bullish trend.
It is good to buy on dips around 194.50 with SL around 193.50 for a TP of 197.37.
