GBP/JPY declined slightly due to profit booking. It hits an high of 191.72 yesterday and is currently trading around 191.07. Intraday trend is bullish as long as support 190 holds.
The GBP/JPY pair is trading above 34 and 55 EMA (Short-term) and 200 EMA (long-term on the 4-hour chart, confirming a bullish trend. Immediate resistance is at 191.20,a breach above this level targets of 191.75/192.30/193. Downside support is at 190 with additional levels a 189.46/188/187.46/187.10/186.45.
Market Indicators
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy on dips
It Is good to buy on dips around 190 with SL around 189 for a TP of 192.
