Candlestick- Hammer (daily chart)
The GBP/JPY took support near the trend line and showed a minor pullback as the pound sterling recovered. It hit an intraday high of 192.92 and currently trading around 192.496. Intraday trend is bullish as long as support 190 holds.
Technical Analysis of GBP/JPY
The GBP/JPY pair is trading below 34 and 55 EMA (Short-term) and 200 EMA (long-term) on the 4-hour chart, confirming an overall downtrend. Immediate resistance is at 193.45; a breach above this level targets 194.52/195/195.60/196.25/197. Downside support is at 191.80 with additional levels at 191/190.
Market Indicators
CCI (50)- Bearish
Directional movement index - Bearish
It is recommended to buy on dips around 192.38-40 with a stop-loss at 191.50 for a TP of 195/195.60.
