The GBP/JPY gained more than 100 pips from yesterday’s low on weak yen. It hit an intraday high of 199.08 and is currently trading around 198.98. Intraday trend is bullish as long as support 197.40 holds.
‘The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the one-hour chart, confirming a bullish trend. Any violation below 198.50 indicates the intraday trend is weak. A dip to 198/197.40/196.70/196.25/195.25/194/193.70 is possible. Immediate resistance is at 199.20; a breach above this level targets 200/202/204.
Market Indicators (60 min chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It Is good to buy on dips around 198.65-70 with SL around 197.40 for a TP of 202.
