The GBP/JPY formed a double top around 200.278 and showed a minor sell-off. The pair broke minor trend line support and holds below that level. It hit an intraday low of 199.27 and is currently trading around 199.357. Intraday trend is bearish as long as the resistance at 200.28 holds.
The pair is trading below 55 and 200 EMA and 365 EMA (long-term) on the 15-minute chart, confirming a bearish trend. Any violation below 199.20 indicates the intraday trend is weak. A dip to 198.85/198.60/197.75/196.70/196.20/195.is possible. Immediate resistance is at 200.30; a breach above this level targets 202/202.98.
Market Indicators ( 15-min chart)
CCI (50)- Bearish
Directional movement index - Neutral
Trading Strategy: Buy
It Is good to buy above 200.28 with SL around 199.70 for a TP of 202/202.98
