Forming a small bottom somewhat below 61.8% fib, GBPJPY displayed a little pullback. Intraday trend is bullish as long as support is 198.65. At present trading around 199.51, the pair hits an intraday high of 199.66.
The pair is trading above 55 and 200 EMA and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend. Any violation below 199.40 indicates the intraday trend is weak. A dip to 198.75 /198/197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 200.35; a breach above this level targets of 202/203.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It is good to buy on dips around 199.28-30 with SL around 198.60 for a TP of 202.
