211.55 Ceiling Holds: GBPJPY Profit-Taking Turns Bearish

From 17 17-year high of 211.59, GBPJPY exhibited a little profit-booking. The intraday trend is downward as long as the resistance at 212 remains in place. As of publication, it is trading around 210.34 and has reached an intraday low of 210.29.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 210.41

EMA (1-hour chart)

55-EMA- 210.45

200-EMA- 209.04

365-EMA- 208.16. The pair trades above short (55- EMA) and above long-term moving average(365 EMA and below 200 EMA).

Major Support- 210. Any breach below will drag the pair down 209.70/209/208.60/207.95/207.20/206.75.

Major resistance - 211.55.  Any break above confirms minor bullishness, a jump to 212/212.60 is possible.

Indicator (4-hour chart)

 CCI (50)-  bearish

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

It is good to sell on rallies around 210.78-80 with SL around 211.60 for a TP of 208.