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GBP/JPY Intraday Bullish Trend Intact Above 190, Eyes 192.30 Target

GBP/JPY declined slightly due to profit booking. It hits an high of 191.72 yesterday  and is currently trading around 191.07.  Intraday trend is bullish  as long as support 190 holds.

The GBP/JPY pair is trading above  34 and 55 EMA (Short-term) and 200 EMA (long-term on the 4-hour chart, confirming a bullish trend.  Immediate resistance is at 191.20,a breach above this level targets of 191.75/192.30/193. Downside support is at 190 with additional levels a 189.46/188/187.46/187.10/186.45.

Market Indicators

CCI (50)- Bullish

Directional movement index - Bullish

Trading Strategy: Buy on dips

 It Is good to buy on dips around 190 with SL around 189 for a TP of 192.

 

 

 

 

 

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