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The GBP/JPY pared some of its gains after a minor pullback to 197.56 (365- 4H EMA). It hit a low of 195.04 and is currently trading around 196.52. The intraday trend remains bearish as long as the resistance at 197.60 holds.
‘The GBP/JPY pair is trading below 55 and above 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, confirming a weak trend. Any violation below 195 indicates the intraday trend is weak. A dip to 194/193/191.95/190 is possible. Immediate resistance is at 195.65, a breach above this level targets 196.10/196.55/197/197.60.
Market Indicators (4-hour chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell
It is good to sell on rallies around 196.58-60 with SL around 197.60 for a TP of 194.85/194.
