The GBP/JPY gained sharply on board-based Pound sterling strength. It hit a high of 194.04 and is currently trading around 193.74. Intraday trend is bearish as long as resistance 195 holds.
The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long term on the 4-hour chart, confirming a bullish trend. Any violation below 193.20 indicates the intraday trend is weak. A dip to 192.85/192/191.70/191 /190 is possible. Immediate resistance is at 194.20,a breach above this level targets 194.70/195/196.50.
Market Indicators (4- hour)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Sell on rallies
It Is good to buy on dips around 193.20 with SL around 192.70 for a TP of 195.
