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GBP/JPY Outlook: Bullish Trend with Key Support

The GBP/JPY  pared some of its gains as the pound sterling showed a minor sell-off. It hit an intraday low of 197.19 and is currently trading around 197.45.  Intraday trend is bullish as long as support 196.90  holds.  

‘The GBP/JPY pair is trading below   34 and above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, confirming a mixed trend.  Any violation below 197.15 indicates the intraday trend is weak. A dip to 196.70/196/195/194/193.70 is possible.  Immediate resistance is at 197.75 a breach above this level targets of 198.35/198.80/200/202.

Market Indicators (4-hour)

CCI (50)- Bullish

Directional movement index - Neutral

Trading Strategy:  buy on dips

 It Is good to buy on dips around 196.50 with SL around 195  for a TP of 200.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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