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GBP/JPY Surges on Pound Strength: Bullish Trend Intact

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.

 

 

 

 

 

 

 

 

 

 

 

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