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GBP/JPY Forecast: Bearish Signals Emerge Amid Yen's Rise

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.

 

 

 

 

 

 

 

 

 

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