GBPJPY Stuck in Bearish Box — Sell Rallies While 212 Caps the Upside

GBPJPY consolidating in a narrow range with negative bias. The intraday trend is bearish as long as the resistance at 212 holds. As of publishing, it is trading around 210.55; its intraday low is 210.09.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 210.09

EMA ( 60-min chart)

55-EMA- 211.08

200-EMA- 211.84

365-EMA- 211.79. 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-  Bearish. All indicators confirm a bearish trend.

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