Buy GBPJPY above 196
GBPJPY surged after upbeat UK retail sales.
Currently, the pair is positioned above the short-term 34 EMA, as well as the 55 EMA (194.76 and 194.44) and the long-term 365 Hull MA (194.11) on the 4-hour chart.
Near-term resistance is located at around 196, and a breakthrough here could signal bullish intraday sentiment. It could indicate a renewed uptrend from a low of 180.00. Further targets could include 197.37 (161.8% Fibonacci level), 198, and even 200. On the downside, immediate support lies at 194.70, and a dip below this level could push the pair down towards 194, 193.50, 192.88, or 192.50.
It is good to buy above 196 with SL around 195 for TP of 198
Currently, the pair is positioned above the short-term 34 EMA, as well as the 55 EMA (194.76 and 194.44) and the long-term 365 Hull MA (194.11) on the 4-hour chart.
Near-term resistance is located at around 196, and a breakthrough here could signal bullish intraday sentiment. It could indicate a renewed uptrend from a low of 180.00. Further targets could include 197.37 (161.8% Fibonacci level), 198, and even 200. On the downside, immediate support lies at 194.70, and a dip below this level could push the pair down towards 194, 193.50, 192.88, or 192.50.
It is good to buy above 196 with SL around 195 for TP of 198
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