- GBP/JPY: Bulls Eye 196.50 After Minor Setback
The GBP/JPY showed a minor 100 pips sell-off due to profit booking. It hit a high of 195.63 yesterday and is currently trading around 194.69. Intraday trend is bullish as long as support 193 holds.
The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term on the 1-hour chart, confirming a bullish trend. Any violation below 194.25 indicates the intraday trend is weak. A dip to 193.65/193.30/192.85/192/191.70/191 /190 is possible. Immediate resistance is at 195.65,a breach above this level targets of 196.50/198.
Market Indicators (4- hour)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Sell on rallies
It Is good to buy on dips around 194 with SL around 193 for a TP of 196.48.
