Yen Strikes Back: GBPJPY Slips Below 211 as Bearish Signals Mount – Sell Setup Targets 207

GBPJPY pared most of its gains as the yen gained momentum.  As long as support 210 holds, the intraday trend is neutral. Any violation below 210 confirms further intraday weakness. It is trading around 211.13, as of publication, and has reached an intraday low of 211.09.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 210.60

EMA (1-hour chart)

55-EMA- 211.21

200-EMA- 210.95

365-EMA- 210.30. The pair trades below the short (55- EMA) and above the long-term moving average(365 EMA and below 200 EMA).

Major Support- 210. Any breach below will drag the pair down 209.70/209/208.60/207.95/207.20/206.75.

Major resistance - 212.20.  Any break above confirms minor bullishness; a jump to 212.60/213/214 is possible.

Indicator (4-hour chart)

 CCI (50)-  Bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to sell below 210 with SL around 211 for a TP of 208/207.