GBP/JPY surged sharply as the yen weakened. It hit an intraday high of 195.49 and is currently trading around 195.04. Intraday trend is bullish as long as support 193 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 195.50, a breach above this level targets 196/197.36/198/199. Downside support is at 194.20/193.64/193/192.35.
Market Indicators
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy on dips
It Is good to buy on dips around 194.25 with SL around 193 for a TP of 199.
