GBPJPY gained more than 100 pips on board-based yen weakness. It hit a high of 191.488 at the time of writing and is currently trading around 191.426.
Technicals-
The pair is trading above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 191.50, a breach above targets192—major trend continuation only above 192.05. Any surge past 192.05 will push the pair to 193. The immediate support is at 191.20, any violation below will drag the pair to 190.0/190.50/190/189.48/188.90.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral (strength below 20). All indicators confirm mild bullish trend.
It is good to buy on dips around 191.30-31 with SL around 190.90 for a TP of 192.
