GBPJPY trades flat with a negative bias as the prolonged US government shutdown has increased demand for safe-haven assets. Intraday trend remains bearish as long as the resistance at 203.60 holds. Trading around 202.03 right now, the pair reached an intraday low of 201.63.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 202.66
EMA (4-hour chart)
55-EMA- 202.13
200-EMA- 200.58
365-EMA- 199.584. The pair trades below short and above long long-term moving average.
Major Support- 201. Any breach below will drag the pair down to 200/199/198.
Major resistance - 202.50. Any break above confirms minor bullishness; a jump to 203/203.55/204.20 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a bearish trend.
It is good to sell on rallies around 202.48-50 with SL around 203.55 for TP of 200.
