GBPJPY trades higher on strong pound sterling. It hit a high of 193.32 yesterday and is currently trading around 192.26. Intraday trend is bullish as long as support 191.75 holds.
The pound sterling gained momentum after dismal UK manufacturing PMI.
Technicals-
The pair is trading above the short-term 34, below 55 EMA (190.23 and 191.72), and long-term 200 EMA (191.51) in the daily chart.
The near-term resistance is around 192.50, a breach above the target of 193.50. Major trend continuation only above 193.50. Any violation above will take the pair to 195. The immediate support is at 191.70, any violation below will drag the pair to 191.35/190.95/190/189.10/188.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm a mixed trend.
It is good to buy above 193.50 with SL 192.70 for a TP of 195.
Or sell below 191.70 with SL around 192.50 for a TP of 190.
