GBP/JPY pared most of its gains as pound sterling weakens. It hits an high of 193.76 and is currently trading around 191.64 Intraday trend is bullish as long as support 190.95 holds.
The GBP/JPY pair is trading above 34 and 55 EMA (Short-term) and 200 EMA (long term on the 4-hour chart, confirms a bullish trend. Immediate resistance is at 192,a breach above this level targets of 192.65/193/ 194/195. Downside support is at 191.50/190.95/190.40/190.
Market Indicators
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy on dips
It Is good to buy on dips around 191.67 with SL around 190.40 for a TP of 195.
