GBPJPY formed a double top around 270.20 and showed a minor sell-off. Intraday trend is neutral as long as the resistance at 207.25 holds. At the time of writing, it reached a low of 206.37 and is now trading about 206.614.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 206.439
EMA (15-min chart)
55-EMA- 206.80
200-EMA- 206.63
365-EMA- 206.31. The pair trades below short (55- EMA) and above long term moving average(365 EMA and below 200 EMA).
Major Support- 206.40. Any breach below will drag the pair down 205.95/205.30/204.40/203.70/203.
Major resistance - 207.25. Any break above confirms minor bullishness, a jump to 208/209.20/210 is possible.
Indicator (15-min chart)
CCI (50)- bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell below 206.30 with SL around 206.85 for a TP of 204.30.
