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GBP/JPY: Don't Miss This Potential Breakout

The GBP/JPY has once again pared its gains after a minor jump above 200.  It hit a high of  200.28 and is currently trading around 199.62. Intraday trend is neutral as long as the resistance 200.28 holds.

‘The GBP/JPY pair is trading above 55 and  200 EMA  and 365 EMA (long-term) on the 15-min chart, confirming a bullish trend.  Any violation below 199.30 indicates the intraday trend is weak. A dip to 198.85/198.60/197.75/196.70/196.20/195.is possible.  Immediate resistance is at 200.30; a breach above this level targets 202/202.98.

Market Indicators ( 15-min chart)

CCI (50)- Bullish

Directional movement index - Neutral

Trading Strategy:  buy

 
 It Is good to buy above 200 with SL around 199.50 for a TP of 202/202.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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