GBPJPY is struggling to close above 200 for the third time in the past 3 weeks. The pair hits an intraday high of 199.91 and is currently trading around 199.671.
The pair is trading above the 55 and 200 EMA, as well as the 365 EMA (long-term), on the 4-hour chart, confirming a bullish trend. Any violation below 199.40 indicates the intraday trend is weak. A dip to 198.75/198/197.85/197.25/196.70/196.20/195 is possible. Immediate resistance is at 200, a breach above this level targets 200.35/202.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It is good to buy on dips around 199.28-30 with SL around 198.60 for a TP of 202.
