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The GBP/JPY exchange rate has declined because the Japanese Yen (JPY) has strengthened due to increased demand for safe-haven assets. It hit an intraday low of 192.92 and is currently trading around 193.12. The intraday trend is bearish as long as resistance 195 holds.
The GBP/JPY pair is trading below 55 and above 200 EMA (Short-term) and 365 EMA (long-term) on the 4-hour chart, which confirms a mixed trend. Any violation below 191.79 indicates a weak intraday trend. A dip to 191/190 is possible. Immediate resistance is at 192.85; a breach above this level targets 193.20/193.60/194/194.70/195/196.50. Any breach below 192.85 confirms an intraday bearish trend. A dip to 192.35/191.70 is possible.
Market Indicators (1- hour)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell on rallies
It Is good to sell on rallies around 192.60 with SL around 193.60 for a TP of 190.
