The GBP/JPY gained more than 100 pips on yen weakness. It hit a high of 196.47 yesterday and is currently trading around 196.31. The intraday trend remains bearish as long as the resistance at 197.60 holds.
‘The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and below 365 EMA (long-term) on the 15-minute chart, confirming a mixed trend. Any violation below 195.70 indicates the intraday trend is weak. A dip to 195/194/193/191.95/190 is possible. Immediate resistance is at 196.60, a breach above this level targets 197/197.60/198/119.20/200.
Market Indicators ( 15-min chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Sell
It is good to sell on rallies around 196.58-60 with SL around 197.60 for a TP of 194.85/194.
