The GBP/JPY gained sharply after upbeat US NFP data. US dollar gained momentum against the yen as strong jobs data reduced rate cut expectations. It hit a high of 198.08 and is currently trading around 197.37. Intraday trend is bullish as long as support 196.70 holds.
The GBP/JPY pair is trading below 55 and above 200 EMA (Short-term) and 365 EMA (long-term) on the 15-min chart, confirming a mixed trend. Any violation below 197 indicates the intraday trend is weak. A dip to 196.70/196.25/195.25/194/193.70 is possible. Immediate resistance is at 197.75, a breach above this level targets of 198.35/198.80/200/202.
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CCI (50)- Bearish
Directional movement index - neutral
Trading Strategy: Buy
It is good to buy on dips around 197.30-32 with SL around 196.70 for a TP of 198.80.
