GBPJPY: 200-Level Trap – Sell the Rip, Target 199

GBPJPY gained more than 100 pips after forming a minor bottom around 199.07. Intraday trend is bearish as long as the resistance at 201 holds. It hits an intraday high of 200.47 and is currently trading around 200.39..

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 200.394

EMA (1-hour chart)

55-EMA- 200.97

200-EMA- 201.95

365-EMA- 202.10. The pair trades below the short and above long long-term moving average.

Major Support- 200. Any breach below will drag the pair down to 199.30/199/198.34/197.40.

Major resistance - 201.  Any break above confirms minor bullishness, a jump 202/202.80/203.30/204/204.25/205 is possible.

Indicator (1-hour chart)

CCI (50)-  Bearish

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

It is good to sell on rallies around 200.88-90 with SL around 202 for a TP of 199.