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GBPJPY in Freefall – Bearish Breakdown Fuels Sell-on-Rallies Setup

 

 

 

 

GBPJPY declined more than 200 pips on board-based yen buying. It hits an intraday low of 207.61 and is currently trading around 208.53.

 

 

Technicals

CMP -208.53

Trend

1- Hour chart

Value

 

 

55 EMA

209.93

CMP <value

Bearish

200- EMA

211.62

CMP <value

Bearish

365- EMA

211.88

CMP < value

Bearish

 

Major support- 207.75/206.75/205.

 

Momentum indicator

Inference

Value

CCI(50)

below zero line (bearish)

-154

ADX

Neutral

Strength declined to 49 from  41

 

It is good to sell on rallies around 209 with SL around 210 for a TP of 206.75.

 

 

 

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