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GBP/JPY formed a triple top around 200.28 and declined sharply on the weak pound sterling. It hit an intraday low of 198.31 and is currently trading around 198.75. Intraday trend is bearish as long as the resistance 200.28 holds.
The pair is trading below 55 and 200 EMA and 365 EMA (long-term) on the 1-hour chart, confirming a bearish trend. Any violation below 198.40 indicates the intraday trend is weak. A dip to 198/197.85/197.25/ 196.70/196.20/195 is possible. Immediate resistance is at 199.30 a breach above this level targets 200.28/202.
Market Indicators ( 1-hour chart)
CCI (50)- Bearish
Directional movement index - Neutral
Trading Strategy: Buy
It Is good to sell on rallies around 199.18-20 with SL around 200.27 for a TP of 195.
