GBPJPY broke significant trend line support after a long consolidation. Intraday trend remains bearish as long as the resistance at 202.60 holds. Trading around 203.49 right now, the pair reached an intraday high of 203.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 202.192
EMA (1-hour chart)
55-EMA- 203.56
200-EMA- 203.07
365-EMA- 202.59. The pair trades below short and above long term moving average.
Major Support- 202. Any breach below will drag the pair down 201.30/200.68/ 200/199.30/198.34/197.40.
Major resistance - 202.60. Any break above confirms minor bullishness; a jump to 203/203.40/204/204.25/205 is possible.
Indicator (1-hour chart)
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a weak trend.
It is good to sell on rallies around 202.38-40 with SL around 203 for TP of 200.80/200.
