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Chart pattern- Bearish Divergence (CCI(50) 8-hour chart)
The GBP/JPY hits a fresh multi-year high on board-based Yen weakness. It hit an intraday high of 199.83 and is currently trading around 1999.54. Intraday trend is bearish as long as the resistance at 200 holds.
The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 8-hour chart, confirming a bullish trend. Any violation below 199.35 indicates the intraday trend is weak. A dip to 198.78/198.40/197.70/196.70/196.25/195.25/194/193.70 is possible. Immediate resistance is at 200, a breach above this level targets 202/204.
Market Indicators (8-hour chart)
CCI (50)- Bullish
Directional movement index - Buy
Trading Strategy: Sell
It is good to sell on rallies around 199.58-60 with SL around 200.50 for a TP of 198/197.40.
