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200.28 Line in the Sand: GBP/JPY’s Bearish Bias or Buy Breakout?

The GBP/JPY formed a double top around 200.278  and showed a minor sell-off. The pair broke minor trend line support and holds below that level. It hit an intraday low of 199.27 and is currently trading around 199.357. Intraday trend is bearish as long as the resistance at 200.28 holds.

The pair is trading below 55 and  200 EMA  and 365 EMA (long-term) on the 15-minute chart, confirming a bearish trend.  Any violation below 199.20 indicates the intraday trend is weak. A dip to 198.85/198.60/197.75/196.70/196.20/195.is possible.  Immediate resistance is at 200.30; a breach above this level targets 202/202.98.

Market Indicators ( 15-min chart)

CCI (50)- Bearish

Directional movement index - Neutral

Trading Strategy: Buy

 
 It Is good to buy above 200.28 with SL around 199.70 for a TP of 202/202.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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