Broad-based yen weakening causes GBPJPY to stay above the 200 level. For the past three weeks, the pair is trading in a small range between 198.79 and 201.27. The pair peaked at 200.34 intraday and is presently trading near 200.03.
The pair is trading above 55, 200 EMA and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend. Any violation below 199.80 indicates the intraday trend is weak. A dip to 19199.30/199/198.75 /198/197.85 is possible. Immediate resistance is at 200.35 a breach above this level targets of 200.53/201.26/ 202/203.
Market Indicators ( 1-hour chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It Is good to buy on dips around 199.80 with SL around 199 for a TP of 202.
