GBPJPY Double Top Signals Trouble: Bears Take Charge Below 206.30

GBPJPY formed a double top around 270.20 and showed a minor sell-off. Intraday trend is neutral as long as the resistance at 207.25 holds. At the time of writing, it reached a low of 206.37 and is now trading about 206.614.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 206.439

EMA (15-min chart)

55-EMA- 206.80

200-EMA- 206.63

365-EMA- 206.31. The pair trades below short (55- EMA) and above long term moving average(365 EMA and below 200 EMA).

Major Support- 206.40. Any breach below  will drag the pair down 205.95/205.30/204.40/203.70/203.

Major resistance - 207.25.  Any break above confirms minor bullishness, a jump to 208/209.20/210 is possible.

Indicator (15-min chart)

 CCI (50)-  bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to sell below 206.30 with SL around 206.85 for a TP of 204.30.