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The GBP/JPY showed a false breakout and showed a massive sell-off due to the strong yen. It hit an intraday low of 198.67 and is currently trading around 198.78. Intraday trend is bearish as long as the resistance at 200 holds.
‘The GBP/JPY pair is trading below 55 and above 200 EMA (Short-term) and 365 EMA (long-term) on the 1-hour chart, confirming a mixed trend. Any violation below 198.55 indicates the intraday trend is weak. A dip to 198.20/197.75/196.70/196.20/195/194/193/191.95/190 is possible. Immediate resistance is at 199, a breach above this level targets 199.30/ 200/202.
Market Indicators ( 15-min chart)
CCI (50)- Bearish
Directional movement index - Neutral
Trading Strategy: Sell
It Is good to sell on rallies around 199 with SL around 200 for a TP of 196.70.
