GBP/JPY jumped sharply on board-based Pound sterling. It hit an intraday high of 193.18 and is currently trading around 193.156. 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 193.50, a breach above this level targets 194/195. Downside support is at 192.35 191.70/190.95/190.40/190/189.30/188.
Market Indicators
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy on dips
It Is good to buy on dips around 193 with SL around 192.35 for a TP of 195.
