GBP/JPY pared some of its gains on strong yen. It hit an intraday low of 187.83 and is currently trading around 1887.82. The intraday trend is bearish as long as resistance 189.15 holds.
The GBP/JPY pair is trading below 34 and 55 EMA (Short-term) and 200 EMA (long-term) on the 1-hour chart, which confirms a bearish trend. Immediate resistance is at 189.15; a breach above this level targets 190/191/191.75/192.30/193. Downside support is at 187.80, with additional levels at 187.46/187.10/186.45/185.
Market Indicators
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Buy on dips
It Is good to sell on rallies around 188 with SL around 189.15 for a TP of 185.
