213.22 Under Pressure! GBP/JPY Neutral-to-Bearish as Support 212.80 Looms

GBPJPY pared some of its gains as the yen recovered against all majors. The intraday trend is neutral as long as support 212.80 holds. As of publishing, it is trading around 213.22; its intraday low is 212.84.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 213.23

EMA (15-min chart)

55-EMA- 213.73

200-EMA- 213.40

365-EMA- 212.90. The pair trades below the short (55- EMA) and long-term moving average, 200 EMA, and above 365 EMA.

Major Support- 212.80. Any breach below will drag the pair down 212/211.25/210.54/209.70/209/208.60/207.95/207.20/206.75.

Major resistance - 213.60.  Any break above confirms minor bullishness, a jump to 214/214.29/215.18 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 212.80 with SL around 213.60 for a TP of 210.29.