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..
