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The GBP/JPY trades flat in a narrow range between 198.27 and 199.31 for the past three days. It hit an intraday high of 200.27 and is currently trading around 198.72. Intraday trend is bullish as long as support 197.80 holds.
The pair is trading above 55 and 200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bullish trend. Any violation below 198.40 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 ( 1-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
