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The GBP/JPY pared most of its gains on the weak pound sterling. It hit an intraday low of 198.10 and is currently trading around 198.28. Intraday trend is bearish as long as the resistance at 200 holds.
‘The GBP/JPY pair is trading below 55 and above 200 EMA (Short-term) and 365 EMA (long-term) on the 15-min chart, confirming a bearish trend. Any violation below 198 indicates the intraday trend is weak. A dip to 197.70/196.70/196.25/195.25/194/193.70 is possible. Immediate resistance is at 200, a breach above this level targets 202/204.
Market Indicators (15-min chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: Sell
It Is good to sell on rallies around 199 with SL around 200 for a TP of 197.40/195.
