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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.
