GBPJPY Struggles Below 203: Sell on Rallies for a Target of 200

GBPJPY pared most of its gains as the yen gained momentum. Intraday trend is bearish as long as the resistance at 203 holds. It hits an intraday low of 201.45 and is currently trading around 201.48.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 201.504

EMA (1-hour chart)

55-EMA- 202.41

200-EMA- 201.51

365-EMA- 201.41. The pair trades below the short and above long long-term moving average.

Major Support- 201.30. Any breach below will drag the pair down 200.50/200/199.30/198.34/197.40.

Major resistance - 202.  Any break above confirms minor bullishness; a jump to 202.80/203.30/204/204.25/205 is possible.

Indicator (4-hour chart)

CCI (50)-  Bearish

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

It is good to sell on rallies around 201.78-80 with SL around 202.50 for a TP of 200.