GBPJPY declined sharply on board-based yen strength. The intraday trend is bearish as long as the resistance at 212 holds. As of publishing, it is trading around 210.86; its intraday low is 209.77.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 210.63
EMA ( 15-min chart)
55-EMA- 211.52
200-EMA- 211.20
365-EMA- 211.89. The pair trades below the short (55- EMA) and long-term moving average (200 and 365 EMA).
Major Support- 209.80. Any breach below will drag the pair down to 208.50/208 .
Major resistance - 212. Any break above 212 confirms minor bullishness; a jump to 213.45/215 is possible.
Indicator (15-min chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 211 with SL around 212 for a TP of 208.
