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GBP/JPY: Bullish Trend Holds Despite Pullback

The GBP/JPY took support near 55-4H EMA and showed a minor minor pullback. The easing US-China trade tension has decreased demand for safe-haven assets like the yen. It hit a low of 194.77 and is currently trading around 195.65.  Intraday trend is bullish as long as the support of 194.80  holds.  

The GBP/JPY pair is trading above  34 and 55 and above 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend.  Any violation below 194.75 indicates the intraday trend is weak. A dip to 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 (1- hour)

CCI (50)- Bullish

Directional movement index - Neutral

Trading Strategy:  Sell on rallies

 It Is good to buy on dips around 195.38-40 with SL around 194.75 for a TP of 198..

 

 

 

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