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The GBP/JPY trades flat with positive bias on board-based Pound buying. It hit an intraday high of 198.74 and is currently trading around 198.73. Intraday trend is bullish as long as the resistance at 198.72 holds.
‘The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend. Any violation below 197.30 indicates the intraday trend is weak. A dip to 196.70/196.20/195/194/193/191.95/190 is possible. Immediate resistance is at 198.60, a breach above this level targets 199.35/200.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy
It is good to buy on dips around 198.15-18 with SL around 197.35 for a TP of 200.
