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The GBP/JPY recovered above 199 on the weak yen. It hit an intraday high of 199.11 and is currently trading around 199.06. The intraday trend remains bullish as long as the support level at 197.80 holds.
The pair is trading above the 55 and 200 EMA, as well as the 365 EMA (long-term), on the 1-hour chart, confirming a bullish trend. Any violation below 198.50 indicates the intraday trend is weak. A dip to 197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 199.30; a breach above this level targets 199.55/200/200.28/202.
Market Indicators ( 15-min chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It is good to buy on dips around 198.50 with SL around 197.84 for a TP of 202.
