GBPJPY Tests Key Resistance at 200: Will Yen Weakness Spark a Bullish Breakout?

Near the 200-4H EMA, GBPJPY found support and displayed a small surge on a weak yen. At about 200, the couple is encountering stiff opposition; further bullishness is confirmed by any price above 200. Presently trading around 199.92, the pair hit an intraday peak of 199.958.

The pair is trading above 55, 200 EMA, and  365 EMA (long-term) on the 4-hour chart, confirming a bullish trend.  Any violation below 199 indicates the intraday trend is weak. A dip to 198.75 /198/197.85/197.25/ 196.70/196.20/195 is possible.  Immediate resistance is at 200, a breach above this level targets 200.53/201.26/ 202/203.

Market Indicators ( 1-hour chart)

CCI (50)- Bearish

Directional movement index -  Neutral

Trading Strategy:  Sell

 It is good to sell on rallies 200  with SL around 200.75 for a TP of 198.50.