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GBPJPY trades well below the 202 level on board-based pound sterling selling. 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- 201.19
EMA (1-hour chart)
55-EMA- 202.08
200-EMA- 202.77
365-EMA- 202.47. The pair trades below the short and above long long-term moving average.
Major Support- 200.60. Any breach below will drag the pair down to 200/199.30/198.34/197.40.
Major resistance - 202. Any break above confirms minor bullishness; a jump to 202.60/203/203.40/204/204.25/205 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 201.48-50 with SL around 202 for TP of 200.
