The GBP/JPY hits a 2-week high on board-based yen weakness. It hit a high of 196.32 yesterday and is currently trading around 195.88. Intraday trend is bullish as long as support 194.35 holds.
The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long term on the 15-minute chart, confirming a bullish trend. Any violation below 195.60 indicates the intraday trend is weak. A dip to 195/194.35/193.95/193.45/192.85/192/191.70/191 /190 is possible. Immediate resistance is at 196.50, a breach above this level targets of 198/200.
Market Indicators (15-min)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Sell on rallies
It Is good to buy on dips around 195.25-28 with SL around 194.35 for a TP of 198.
