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The GBP/JPY declined once again after a minor jump above 196. It hit an intraday high of 196.15 and is currently trading around 195.54. Intraday trend is bullish as long as support 194.50 holds.
The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and above 365 EMA (long-term on the 4-hour chart, confirming a bullish trend. Any violation below 195.35 indicates the intraday trend is weak. A dip to 195/194.50/193.70/193/192.85/192/191.70/191 /190 is possible. Immediate resistance is at 196.50, a breach above this level targets of 198/200. Any major uptrend is possible only above 196.50.
Market Indicators (4- hour)
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 196.50/198.
