GBP/JPY showed a minor sell-off as the yen gained strength.It hit a high of 196.40 yesterday and is currently trading around 195.38. Intraday trend is bullish as long as support 193 holds.
The GBP/JPY pair is trading above 34 and 55 EMA (Short-term) and 200 EMA (long-term on the 4-hour chart, confirming a bullish trend. Immediate resistance is at 196, a breach above this level targets of 196.40/197.36/198/199. Downside support is at 194.80/194.20/193.64/193/192.35.
Market Indicators
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy on dips
It Is good to buy on dips around 195 with SL around 194 for a TP of 197.35/198.
