GBP/JPY trades flat with a neutral bias. It hit a high of 199.72 and is currently trading around 199.278. Intraday trend is bearish as long as the resistance at 200.28 holds.
The pair is trading above 55 and 200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bullish trend. Any violation below 198.75 indicates the intraday trend is weak. A dip to 198/197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 199.30 a breach above this level targets 199.70/200.28/202.
Market Indicators ( 1-hour chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It Is good to buy above 200.28 with SL around 199.70 for a TP of 202.
