GBP/JPY declined sharply on board-based yen buying..It hit a high of 196.41 yesterday and is currently trading around 193.68. Intraday trend is bearish as long as resistance 195 holds.
The GBP/JPY pair is trading below 34 and above 55 EMA (Short-term) and 200 EMA (long term on the hourly chart, confirming a bearish trend. Immediate resistance is at 194, a breach above this level targets of 194.70/195/196.50. Downside support is at 193.50/193/192.35/191.70
Market Indicators (1- hour)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell on rallies
It Is good to sell on rallies around 194 with SL around 195 for a TP of 191.70/190.
