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GBP/JPY: 196.50 - The Level to Watch

The GBP/JPY  declined once again after a minor jump above 196. It hit an intraday high of 196.15   and is currently trading around 195.54.  Intraday trend is bullish as long as support  194.50  holds.  

The GBP/JPY pair is trading above  55 and  200 EMA (Short-term) and above  365 EMA (long-term on the 4-hour chart, confirming a bullish trend.  Any violation below 195.35 indicates the intraday trend is weak. A dip to 195/194.50/193.70/193/192.85/192/191.70/191 /190 is possible.  Immediate resistance is at 196.50, a breach above this level targets of 198/200. Any major uptrend is possible only above 196.50.

Market Indicators (4- hour)

CCI (50)- Bullish

Directional movement index - Neutral

Trading Strategy: Buy on dips

 It Is good to buy on dips around 195 with SL around 194 for a TP of 196.50/198.

 

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