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GBPJPY pared some of its gains despite the strong pound sterling. Presently trading around 199.94, the pair hit an intraday low of 199.85.
The pair is trading above 55, 200 EMA, and 365 EMA (long-term) on the 4-hour chart, confirming a bullish trend. Any violation below 199.80 indicates the intraday trend is weak. A dip to 19199.30/199/198.75 /198/197.85 is possible. Immediate resistance is at 200.35, a breach above this level targets of 200.53/201.26/ 202/203.
Market Indicators ( 4-hour chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy
It Is good to buy on dips around 199.80 with SL around 199 for a TP of 202.
