The GBP/JPY trades flat amid mixed UK jobs data. It hit an intraday high of 199.45 and is currently trading around 199.37. Intraday trend is bullish as long as the resistance at 198.55 holds.
‘The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend. Any violation below 198.55 indicates the intraday trend is weak. A dip to 197.75/196.70/196.20/195/194/193/191.95/190 is possible. Immediate resistance is at 199.60, a breach above this level targets of 200/202.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It is good to buy on dips around 198.90-95 with SL around 198 for a TP of 202.
