The GBP/JPY breaks minor trend line resistance (trend line joining 200.27 and 199.86) and holds above that level.It hit an intraday high of 199.33 and is currently trading around 199.195. Intraday trend is bullish as long as support 198.40 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 198.40 indicates the intraday trend is weak. A dip to 197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 199.45; a breach above this level targets 200/200.28/202.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It Is good to buy on dips around 199 with SL around 198 for a TP of 202/202.98
