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GBPJPY pared most of its gains on the strong yen. Presently trading around 198.875, the pair hit an intraday low of 198.79. The pair gained till 200.51 on Friday but was not able to sustain above 200, which confirms minor weakness.
The pair is trading below 55, 200 EMA, and 365 EMA (long-term) on the 1-hour chart, confirming a bearish trend. Any violation below 198.75 indicates the intraday trend is weak. A dip to 198.30/197.85/197 is possible. Immediate resistance is at 199.20, a breach above this level targets 199.80/200.53/201.26/ 202/203.
Market Indicators ( 1-hour chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell
It is good to sell on rallies around 199.28-30 with SL around 200 for a TP of 197.
