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GBP/JPY Poised for a Breakout: Buy Above 200.28 for Target 202

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.

 

 

 

 

 

 

 

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