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GBP/JPY Surges to 2-Week High: Buy the Dip for Potential Gains to 198?

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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