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Intraday Bias - Bullish
GBPJPY showed a minor pullback of more than 100 pips from a low of 190.64 the previous week. It hit a low of 189.50 on Aug 26th, 2024, and is currently trading around 191.908.
Technicals-
The pair trades above 34- and 55 EMA in the 8-hour chart.
The near-term resistance is around 192.05, a breach above targets 192.80/194.79/196.69. Major trend continuation only above 192.05. The immediate support is at 191.08 (55-8H EMA), any violation below will drag the pair to 190.66(34-8H EMA)/190/189.50.
Indicator (8 hour chart)
CCI (14)- Bullish (above 100)
CCI (50)- Bullish (below 100)
Average directional movement Index - Bullish (strength above 20). All indicators confirm a bullish trend.
It is good to buy on dips around 190.85-88 with SL around 190 for a TP of 192.50.
