GBP/JPY showed a minor pullback as the yen weakened. It hit a high of 191.22 at the time of writing and is currently trading around 191.11. The intraday trend is bullish as long as support 190 holds.
The GBP/JPY pair is trading above 34 and 55 EMA (Short-term) and 200 EMA (long term on the 4-hour chart, confirming a bullish trend. Immediate resistance is at 191.25,a breach above this level targets of 191.75/192.30/193. Downside support is at 190 with additional levels a 189.46/188/187.46/187.10/186.45.
Market Indicators
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy on dips
It Is good to buy on dips around 190 with SL around 189 for a TP of 192.
