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GBP/JPY: Yen Gains Strength, But Bullish Trend Intact

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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