GBPJPY pared most of its gains on the strong yen. The intraday trend remains bearish as long as the resistance level of 202 holds. Trading around 201 right now, the pair reached an intraday high of 201.03.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 201.02
EMA (1-hour chart)
55-EMA- 202.22
200-EMA- 202.24
365-EMA- 201.72. The pair trades above the short and the long-term moving average.
Major Support- 200.50. Any breach below will drag the pair down to 200/199.30/198.34/197.40.
Major resistance - 201.78. Any break above confirms minor bullishness, a jump to 202.45/203/203.55/204.20/205/205.35/206 is possible.
Indicator (1 hour chart)
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 201.78-80 with SL around 203 for TP of 198.35/198.
