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
