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GBPJPY is trading weak ahead of BOE monetary policy report hearings. It hit an intraday low of 192.73 and is currently trading around 193.09.
The GBP/JPY pair is trading below 55 and 200 EMA (Short-term) and above 365 EMA (long-term on the 1-hour chart, confirming a bearish trend. Any violation below 192.70 indicates the intraday trend is weak. A dip to 192/191.70/191 /190 is possible. Immediate resistance is at 193.40, a breach above this level targets of 193.85/194.20/194.60/195/196.50/.
Market Indicators (1- hour)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell on rallies
It Is good to sell on rallies around 193.40-45 with SL around 194 for a TP of 191.
