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GBP/JPY: Bulls Eye 196.50 After Minor Setback

  1. GBP/JPY: Bulls Eye 196.50 After Minor Setback

 

The GBP/JPY showed a minor 100 pips sell-off due to profit booking. It hit a high of 195.63 yesterday and is currently trading around 194.69.  Intraday trend is bullish as long as support 193 holds.  

The GBP/JPY pair is trading above  55 and  200 EMA (Short-term) and  365 EMA (long-term on the 1-hour chart, confirming a bullish trend.  Any violation below 194.25 indicates the intraday trend is weak. A dip to 193.65/193.30/192.85/192/191.70/191 /190 is possible.  Immediate resistance is at 195.65,a breach above this level targets of 196.50/198.

Market Indicators (4- hour)

CCI (50)- Bullish

Directional movement index - Neutral

Trading Strategy: Sell on rallies

 It Is good to buy on dips around 194 with SL around 193 for a TP of 196.48.

 

 

 

 

 

 

 

 

 

 

 

 

 

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