GBPJPY Bears Reload: 212 Ceiling Unyielding, Targets 208 & Below

GBPJPY declined sharply on board-based yen strength. The intraday trend is bearish as long as the resistance at 212 holds. As of publishing, it is trading around 210.86; its intraday low is 209.77.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 210.63

EMA ( 15-min chart)

55-EMA- 211.52

200-EMA- 211.20

365-EMA- 211.89. The pair trades below the short (55- EMA) and long-term moving average (200 and 365 EMA).

 Major Support- 209.80. Any breach below will drag the pair down to 208.50/208 .

Major resistance - 212.  Any break above 212 confirms minor bullishness; a jump to 213.45/215 is possible.

Indicator (15-min chart)

 CCI (50)-  Bearish

Average directional movement Index-  Neutral. All indicators confirm a mixed trend.

It is good to sell on rallies around 211  with SL around 212 for a TP of 208.