The GBP/JPY trades flat with positive bias. It hit an intraday low of 198.55 and is currently trading around 198.72. Intraday trend is bullish as long as support 197.80 holds.
The pair is trading below 55 and above 200 EMA and 365 EMA (long-term) on the 4-hour chart, confirming a mixed trend. Any violation below 198.35 indicates the intraday trend is weak. A dip to 197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 199.45 a breach above this level targets of 200/200.28/202.
Market Indicators ( 4-hour chart)
CCI (50)- Bearish
Directional movement index - Neutral
Trading Strategy: Buy
It is good to buy on dips around 198 with SL around 197 for a TP of 202/202.98
