GBPJPY Wobbles Below Resistance: Bears Poised for Action If 206.40 Breaks

GBPJPY showed a minor decline after a massive buying. Intraday trend is neutral as long as resistance 207.25 holds. At the time of writing, it reaches a high of 206.492 and is now trading about 206.614.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 206.67

EMA (4-hour chart)

55-EMA- 206.74

200-EMA- 206.32

365-EMA- 205.96. The pair trades below short (55- EMA) and long term moving average(365 EMA and 200 EMA).

Major Support- 206.40. Any breach below  will drag the pair down 205.95/205.30/204.40/203.70/203.

Major resistance - 207.25.  Any break above confirms minor bullishness, a jump 208/209.20/210 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 below 206.40 with SL around 207.25 for a TP of 204.30.