The GBP/JPY trades higher for the second consecutive day on the back of a weak yen. It hit an intraday high of 199.979 and is currently trading around 199.975. The intraday trend remains bullish as long as the support level at 198.80 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 199.49 indicates the intraday trend is weak. A dip to 198.80/197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 200, a breach above this level targets 200.28/202.
Market Indicators ( 1-hour chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It Is good to buy above 200.28 with SL around 199.60 for a TP of 202.
